Sealed Air acquire Diversey $ 4.3 billion
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Sealed Air to acquire Diversey for $ 4.3 billion

2:37 PM, 2nd June 2011
Sealed Air to acquire Diversey for $ 4.3 billion

 

ELMWOOD PARK/STURTEVANT, US: Sealed Air Corporation will acquire Diversey, a leading solutions provider to the global cleaning and sanitization market, in a transaction valued at $ 4.3 billion. The transaction is expected to be completed in 2011 and is to be accretive to earnings in the first full year following completion.

Under the terms of the agreement, Diversey shareholders will receive $ 2.1 billion in cash and an aggregate of 31.7 million shares of Sealed Air common stock valued at $ 25.68 per share based on Sealed Air’s closing stock price on May 31, 2011 for a total equity consideration of $ 2.9 billion. Upon closing of the transaction, Diversey shareholders are expected to own approximately 15 per cent of Sealed Air common stock.

“This transaction represents a strategic growth opportunity that leverages Sealed Air’s core competencies and positions our company to further capitalize on the megatrends that drive both businesses With Diversey, we will expand our footprint beyond specialty packaging solutions by gaining entry into a $ 40 billion plus chemical cleaning and hygiene industry. This combination is also financially compelling,” said William V Hickey, President and CEO, Sealed Air.

© WOC News

 

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