Solvay to Acquire Cytec for $75.25/Share in Cash

Solvay

has entered into a definitive merger agreement with U.S.-based Cytec

to acquire 100% of its share capital for US$ 75.25 per share in cash. The total cash consideration will amount to US$5.5 billion, corresponding to an enterprise value of US$ 6.4 billion and representing a 2015 estimated EBITDA multiple of 14.7x and of 11.7x when considering synergies potential linked to the transaction. The transaction price per share represents a premium of 28.9% compared to the closing price