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Platform Completes OM Group Acquisition

Published: 28 October 2015
 by Chelsey Drysdale

CLEVELAND, NEW YORK and WEST PALM BEACH, FL – OM Group has been acquired by investment firm Apollo Funds, in partnership with an affiliate of Platform Specialty Products.

Platform acquired OM Group's Electronic Chemicals and Photomasks businesses, excluding certain assets in Malaysia, which Platform has entered into an agreement to acquire from affiliates of Apollo Funds in a separate transaction expected to close in January.

Platform is paying about $365 million in all for the businesses.

OM Group stockholders are entitled to receive $34 per share in cash, a 28% premium above OM Group's closing share price on May 29, the last trading day prior to the announcement of the merger.

As a result of the transactions, OM Group has become a privately held subsidiary of Apollo Funds, and OM Group's common stock is no longer trading on the New York Stock Exchange.

The remaining three OM Group businesses, including the Magnetic Technologies, Battery Technologies and Advanced Organics, will be retained by Apollo Funds.

 

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