Merck KGaA, Darmstadt, Germany, a leading science and technology company, today announced that its transaction with Versum Materials, Inc. (NYSE: VSM) was approved at a special meeting of Versum’s stockholders. On April 12, 2019, Merck KGaA, Darmstadt, Germany, had signed a definitive agreement to acquire Versum for US$53 per share in cash.
“We are pleased that Versum stockholders have voted in favor of us moving forward with this transaction. With complementary portfolios Versum and our Performance Materials business will create a leading electronic materials player capable of capitalizing on attractive long-term secular growth drivers so as to provide long-term benefits for our customers, employees and owners,” said Stefan Oschmann, Chairman of the Executive Board and CEO of Merck KGaA, Darmstadt, Germany.
The transaction is expected to close in the second half of 2019, subject to regulatory clearances and the satisfaction of other customary closing conditions. The applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 for U.S. antitrust purposes has expired, and the transaction has been cleared by antitrust authorities in Germany, Austria and Serbia.
Versum is a leading supplier of innovation-driven, high-purity process chemicals, gases and equipment for semiconductor manufacturing. The business combination is expected to benefit the Performance Materials business sector of Merck KGaA, Darmstadt, Germany and thus supports, in terms of volume, the rebalancing of the company’s diversified three-pillar portfolio of Healthcare, Life Science and Performance Materials.