Henkel (ETR: HEN3) has offered to acquire Darex Packaging Technologies from GCP Applied Technologies (NYSE: GCP) for $1.05 billion on a cash- and debt-free basis, representing a roughly a 3.5x multiple on the unit’s fiscal 2016 sales figures. Darex, based in Cambridge, MA, supplies sealants and coatings for beverage, food and aerosol cans. Henkel’s adhesive technologies business generated sales of roughly €9 billion (~$9.45 billion) in its 2016 fiscal year.
Henkel’s shares remained virtually unchanged on the news, though GCP’s shares rocketed up 17.7% to close Thursday at $31 apiece.
If the deal goes through, it will be Henkel’s fifth acquisition in chemicals and gases since 2010, according to the PitchBook Platform. But that’s far from first place in this highly specialized space:
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