M&A · Energy · Plastic Materials, Synth Resins & Nonvulcan Elastomers
DL Chemical Co., Ltd. to acquire Kraton Corp
Announced Sep 27, 2021 · Closed Mar 15, 2022
Deal value$2.50BEV $2.50B
Premium50.0%To unaffected price
EV / Adj. EBITDA—1.6x EV / Revenue
ConsiderationAll cash$46.50 per share
Transaction
- Acquirer
- DL Chemical Co., Ltd.
- Target
- Kraton Corp
- Buyer type
- Strategic
- Offer price per share
- $46.50
- Enterprise value
- $2.50B
- Status
- Closed Mar 15, 2022
Deal protections
- Break fee (target pays)
- $63.0M · 2.5%
- Reverse fee (buyer pays)
- $63.0M · 2.5%
- Go-shop
- No-shop
- Financing
- Committed · Goldman Sachs
Advisors
- To the acquirer
- Goldman Sachs
- To the target
- JPMorgan
Sector context · Energy
- Comparable deals
- 17 in the prior 24 months
- Premium
- 50.0% vs. 32.3% sector median
- EV / Adj. EBITDA
- Sector median 13.6x
- Break fee
- 2.5% vs. 2.0% sector median
Timeline
- AnnouncedSep 27, 2021
- Proxy filedOct 21, 2021
- Definitive proxyNov 4, 2021
- Shareholder voteDec 9, 2021
- ClosedMar 15, 2022