An investor group comprised of SJL Partners LLC, KCC and Wonik has closed its previously announced acquisition of Momentive, a global silicones and advanced materials company. No financial terms were disclosed. According to the terms of the deal, Momentive stockholders received $32.50 in cash for each issued and outstanding share of common stock they owned.
WATERFORD, N.Y. & SEOUL, South Korea–(BUSINESS WIRE)–MPM Holdings Inc. (“Momentive” or the “Company”) (OTCQB: MPMQ), a global silicones and advanced materials company, and SJL Partners LLC (“SJL”), KCC Corporation (KS:002380) (“KCC”) and Wonik QnC Corporation (KOSDAQ:074600) (“Wonik”) (collectively, the “Investor Group”), 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.”
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.
Momentive is a global leader in silicones and advanced materials, with a more than 75-year heritage of being first to market with performance applications that support and improve everyday life. Momentive delivers science-based solutions for major industries, by linking its custom technology platforms to allow the creation of unique solutions for customers. Additional information is available at www.momentive.com.
About KCC Corporation
Based in Seoul, South Korea, KCC Corporation is a leading chemicals manufacturer in Korea, specializing in paints, building materials and specialty materials. It also engages in the silicones business for developing products in the fields of specialized paints and precision chemical engineering. KCC Corporation was founded in 1958 and is headquartered in Seoul, South Korea. Additional information is available at www.kccworld.co.kr/eng/main.do.
About Wonik QnC Corporation
Wonik QnC Corporation manufactures and sells quartz and ceramic wares used in the production of semiconductor wafers. The company’s Quartz division provides quartz wares used in the production of semiconductor IC’s, as well as products used in the production of semiconductors, LCDs, LEDs, and solar cells. Its Ceramic division offers ceramics materials, including aluminum nitride, silicon carbide, and boron nitride composite. Wonik QnC Corporation was founded in 1983 and is headquartered in Gumi, South Korea. Additional information is available at www.wonikqnc.com/eng/.
About SJL Partners
SJL is a private equity investment manager focused on partnership investments with market-leading strategic companies to support their organic and inorganic growth, including bolt-on acquisitions. SJL’s portfolio includes investment into Celltrion Holdings, Korea’s leading biosimilar drug manufacturer, and Vigevano, one of the earliest distributors of leading fashion brands and leather goods in Korea. Additional information is available at www.sjlpartners.com.