KKR Takes Chase Private In $1.3B Deal
KKR & Co Inc. (NYSE:KKR) inked a deal to acquire Chase Corporation (AMEX:CCF) for approximately $1.3 billion, including the assumption of debt.
As per the deal, KKR will acquire Chase for $127.50 per share in cash, implying a valuation of approximately 13x trailing twelve months EBITDA.
Chase is a global manufacturer of protective materials for high-reliability applications across several sectors.
After transaction closure, KKR will support Chase in creating an equity ownership program to offer all employees an opportunity to participate in the ownership benefits.
"Over its nearly 80-year history, Chase has established itself as a leader in highly-engineered protective materials and built a portfolio of trusted brands, while delivering outstanding customer service. We look forward to supporting Chase on its next phase of growth through developing exciting new products, executing upon strategic acquisitions, and serving customers in growing end-markets, including critical applications in electronics, fiber optics and electric grid infrastructure," said Josh Weisenbeck, a KKR Partner who leads KKR's Industrials investment team.
Chase will be a privately held company wholly owned by an affiliate of KKR's investment funds and will no longer have its common stock listed on any public market.
Earlier this month, KKR disclosed a deal to acquire a majority stake in PangeaCo and the existing fiber optic networks of Telefonica del Peru SAA (OTC:CPNBF) and Entel Perú.
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Price Action: CCF shares closed higher by 3.60% at $127.94 on Thursday.