France's Arkema to buy S.Korean company PIAM for 728 mln euros (updated)

PI Advanced Materials

28/06/2023 07:11

(Adds details)
       June 28 (Reuters) - French chemicals group Arkema
 AKE.PA  announced on Wednesday a proposed acquisition of a
majority stake in South Korean company PI Advanced Materials
(PIAM)  178920.KS  for 728 million euros  ($797.2 million).  
    The acquisition represents a milestone in Arkema’s
transformation into a pure Specialty Materials player, the
company said.    
        The project offers synergies estimated at around 30
million euros ($32.85 million) at the EBITDA (earnings before
interest, tax, depreciation and amortisation) level, which
should be progressively achieved within the next five years, the
company said. 
  
        Arkema said it would buy Glenwood Private Equity’s 54%
stake in PIAM and the transaction would be fully financed in
cash.
  
    The deal should be finalised by the end of 2023, the company
said.

($1 = 0.9132 euros)

 (Reporting by Michal Aleksandrowicz in Gdansk; Editing by
Jacqueline Wong and Louise Heavens)
 ((gdansk.newsroom@thomsonreuters.com; +48 58 769 66 00;))