Apollo Completes Take-private Acquisition of OM Group
October 30, 2015
Apollo Global Management, in partnership with Platform Specialty Products (NYSE: PAH), has completed its take-private buy of OM Group for $34 per share in cash, or a total of roughly $1.03 billion. The price amounts to a 28% premium over OM Group’s closing share price in late May, prior to the deal announcement. OM Group is a technology-driven industrial company that serves markets such as automotive systems; aerospace and defense; industrial; and medical. Following completion of the take-private deal, Platform has acquired OM Group's Electronic Chemicals and Photomasks businesses, excluding certain assets in Malaysia; Platform has agreed to acquire those assets from Apollo in a separate deal expected to close in January. Apollo will retain the Magnetic Technologies, Battery Technologies and Advanced Organics units. Credit Suisse and Sumitomo Mitsui Banking provided debt financing to Apollo.