Element Solutions Inc (NYSE:ESI) signed a definitive agreement to acquire Micromax Business from Celanese Corporation (NYSE:CE) for $500 million on October 28, 2025. A cash consideration of $500 million will be paid by Element Solutions Inc, subject to adjustments. Element Solutions Inc expects to fund the transaction using a combination of cash on hand and incremental debt.
The transaction is subject to subject to certain regulatory approvals and customary closing conditions. The transaction is expected to close in the first quarter of 2026. Micromax Business is expected to be more than 5% accretive to Element Solutions Inc adjusted earnings per share and contribute approximately $40 million to Element Solutions Inc adjusted EBITDA on a full-year basis at accretive metals-adjusted margins.
Morgan Stanley & Co. LLC acted as financial advisor for Celanese Corporation. Kirkland & Ellis LLP acted as legal advisor for Celanese Corporation. Allen Overy Shearman Sterling LLP acted as legal advisor for Celanese Corporation.
Element Solutions Inc (NYSE:ESI) completed the acquisition of Micromax Business from Celanese Corporation (NYSE:CE) on February 2, 2026. As part of this financing, the Company also entered into a new 5-year $500 million revolving credit facility, upsizing its prior revolving facility by $125 million and extending its maturity to 2031.
Element Solutions Inc is a global and diversified specialty chemicals company whose businesses supply a broad range of solutions. The Company’s segments include Electronics and Industrial & Specialty. The Electronics segment research, formulates and sells specialty chemicals and process technologies for all types of electronics hardware, from complex printed circuit board designs to advanced semiconductor packaging. The Industrial & Specialty segment research, formulates and sells specialty chemicals and process technologies that enhance surfaces or improve industrial processes in diverse industrial sectors from automotive trim to transcontinental infrastructure and from high-speed printing to high-design faucets. Its solutions enable customers manufacturing processes in several key industries, including consumer electronics, power electronics, semiconductor fabrication, communications and data storage infrastructure, automotive systems, industrial surface finishing, and others.
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