Arysta LifeScience announced that Platform Specialty Products has reached a definitive agreement with a company backed by the Permira funds to acquire Arysta LifeScience for approximately $3.51 billion, subject to regulatory approval, working capital and other adjustments.
Once the acquisition is complete, Platform Specialty Products will combine Arysta LifeScience with previously acquired companies Agriphar and Chemtura Crop Solutions (the latter of which is still awaiting final governmental approvals). The combined entity will be run as a vertically integrated agricultural chemicals company with sales of approximately US $2.1 billion, the 10th largest in the industry.
"Bringing Arysta LifeScience under the Platform umbrella will create a broad agrochemicals offering that is uniquely positioned to provide farmers, globally, with a fulsome suite of products to address their product and geography specific needs," said Daniel H. Leever, Platform's Chief Executive Officer.
Current CEO of Arysta LifeScience, Wayne Hewett, will lead the new group.
"There are immediate benefits to joining forces with Agriphar and Chemtura," said Hewett. "We will be able to offer customers a full complement of biosolutions, crop protection, and seed treatment products. We also will strengthen our global footprint in key geographic areas such as Western Europe and North America."
The transaction is expected to close in the first quarter of 2015.