Materials company MPM Holdings (Momentive), SJL Partners (SJL), KCC Corporation (KCC) and Wonik QnC Corporation (Wonik), have announced that the investor group has successfully completed the previously announced acquisition of Momentive.
“This is a great outcome, delivering maximum value to our stockholders and positioning Momentive for long-term growth and future job creation, which 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 the portfolio of products, broadening the company’s geographic reach and strengthening its financial position.”
Steve Lim, chairman and managing partner of SJL who represents 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 US$32.50 in cash for each issued and outstanding share of common stock they own. The transaction was financed through a combination of cash and new debt.