WEST PALM BEACH, FL -- Platform Specialty Products today completed its previously announced acquisition of Alent, the parent company of Alpha, for  $1.9 billion.

As a result, MacDermid Performance Acquisitions Ltd., a wholly owned subsidiary of Platform, becomes owner of all shares of Alent. Shares of Alent will cease to be listed and traded on the London Stock Exchange as of Dec. 2.

Platform is financing the deal in part through an amended credit agreement under which it can borrow approximately $1.045 billion and approximately 300 million euros, less expenses. It also increased its existing revolving credit facility to $500 million from $325 million, and will fund a portion of the cash consideration from that credit facility. It also pledged the new and existing business assets as collateral. 

In a press release, Scot Benson, president of Platform's Performance Applications unit, said, "This transaction propels us into a new chapter for the business. Alent's talent and resources will enhance our flexibility and expertise to develop new and improved products and capabilities. This acquisition will augment our ability to support our customers through innovation and technical support."

Platform will issue approximately 18.4 million shares of common stock worth about $1.9 billion to shareholders of Alent. The new shares are expected to be listed on the New York Stock Exchange on Dec. 2.

Since late 2013, Platform has been acquiring major electronics chemistry companies. It purchased MacDermid in October 2013 and the Electronic Chemicals and Photomasks businesses of OM Group in October this year.

The company announced the formation of a new business unit called MacDermid Performance Solutions that will combine the original MacDermid's operations with businesses from Alent (Enthone and Alpha Assembly Materials) and the recently acquired OM businesses.

Read Mike Buetow's commentary on the deal here.

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