Compagnie de Saint-Gobain SA said Monday that it has agreed to acquire GCP Applied Technologies in a deal valued at around $2.3 billion.
The French construction-materials company plans to take over all outstanding shares of GCP for $32 a share in cash. The price represents a premium of 39% above the volume-weighted average price of each GCP share for the 30 trading days ended on Nov. 30, it said.
The boards of both companies have approved the deal but it still is subject to GCP shareholders’ approval. GCP investors Starboard Value LP and Standard Industries Inc. have pledged to vote their respective stakes in favor of the deal, Saint-Gobain said.
“Saint-Gobain expects to benefit from at least $13 million Ebitda impact from top-line synergies thanks to an enlarged commercial platform to the benefit of its customers and cross-selling opportunities in multiple geographies,” said the company.
It expects the transaction to close by the end of next year.
Source: Mint