MPM Holdings Inc., a global silicones and advanced materials company, and SJL Partners LLC, KCC Corporation and Wonik QnC Corporation, today announced that the Investor Group has successfully completed the previously announced acquisition of Momentive.
“This is a great outcome for all of our stakeholders, delivering maximum value to our stockholders and positioning Momentive for long-term growth and future job creation that will benefit our talented employees across the globe as well as our customers and suppliers,” said Jack Boss, Chief Executive Officer and President at Momentive. “The acquisition and the potential for greater combination with KCC’s silicones division will further enhance Momentive’s global leadership position by expanding our portfolio of products, broadening our geographic reach and strengthening our financial position.”
Steve Lim, Chairman and Managing Partner of SJL, representing the Investor Group said, “On behalf of KCC, Wonik and SJL, we are pleased to announce the successful completion of the transaction and begin this partnership with Jack and the Momentive team as we focus on the next stage of growth.”
Closing terms
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On May 15, Momentive became a wholly owned subsidiary of the Investor Group and ceased to be traded on the OTCQB. Pursuant to the terms of the merger agreement, Momentive stockholders received $32.50 in cash for each issued and outstanding share of common stock they own. In connection with the closing, the transaction was financed through a combination of cash and new debt.
Date: May 20, 2019
Source: Wallstreet online
