Calgon Carbon To Be Acquired By Japan's Kuraray For About $1.3 Bln - Quick Facts

(RTTNews) - Calgon Carbon Corp.n (CCC), a manufacturer of activated carbon, and Japan-based Kuraray Co., Ltd. announced Thursday that they have entered into a definitive merger agreement, under which Kuraray will acquire Calgon Carbon for $21.50 per share in cash.

This equates to an equity value of approximately $1.1 billion, and a transaction value in excess of $1.3 billion, including Calgon Carbon's net indebtedness.

The companies said their respective Boards of Directors have unanimously approved the deal.

The transaction remains subject to customary closing conditions, including regulatory approvals and approval by Calgon Carbon stockholders. The parties are targeting a closing by the end of December, 2017.

The acquisition will be completed through a merger of a newly-created subsidiary of Kuraray with and into Calgon Carbon, with Calgon Carbon as the surviving corporation.

The deal is expected to enhance Kuraray's growth strategy and global presence in activated carbon and filtration media. It intends to operate Calgon Carbon as a separate subsidiary of Kuraray.

Morgan Stanley & Co. LLC is acting as the financial adviser to Calgon Carbon. Goldman Sachs and Co. LLC is serving as exclusive financial advisor to Kuraray.