New Mountain Capital Group, L.L.C. entered into stalking horse asset purchase agreement to acquire chemicals business assets of Aceto Corporation (OTCPK:ACET.Q), Aceto Agricultural Chemicals Corp. and Aceto Realty LLC for approximately $340 million on February 18, 2019. The deal consideration includes gross proceeds of $338 million in cash, plus the assumption of certain liabilities and subject to certain adjustments, on a cash-free and debt-free basis. Aceto intends to enter into a stalking horse agreement for its subsidiary, Rising Pharmaceuticals. The proposed sales will be conducted through Court-supervised processes under Section 363 of the Bankruptcy Code, subject to Court-approved bidding procedures, potential receipt of higher and better offers at auction and approval by the Court. On March 15, 2019, the Bankruptcy Court entered an order approving the bidding procedures proposed by Aceto Corporation. As of March 18, 2019, the Federal Trade Commission granted the early termination notice. On April 12, 2019, New Mountain Capital was selected as the successful bidder. On April 14, 2019, New Mountain Capital entered into an amended and restated asset purchase agreement to acquire chemicals business assets of Aceto Corporation (OTCPK:ACET.Q), Aceto Agricultural Chemicals Corp. and Aceto Realty LLC for approximately $410 million. The consideration consists of $391.4 million in cash and the assumption of certain liabilities, subject to certain adjustments for net current assets at closing. In case of termination, Aceto will pay a breakup fee of $6.8 million under certain circumstances. The transaction is subject to approval of the U.S. Bankruptcy Court at a hearing scheduled for April 16, 2019. As of April 16, 2019, the transaction was approved by the U.S. Bankruptcy Court. The closing is expected to take place on or about April 29, 2019. AP Services, an affiliate of AlixPartners LLP, served as Chief Financial Officer and advisor to Aceto Corporation. PJT Partners LP acted as financial advisor and Kenneth A. Rosen, Steven E. Siesser, Paul Kizel, Michael S. Etkin Jeffrey Cohen, Wojciech F. Jung, Philip J. Gross, Michael Savetsky, Michael Papandrea and Peter H. Ehrenberg of Lowenstein Sandler LLP acted as legal advisors to Aceto Corporation. John E. Sorkin, Robb Tretter and Matthew Roose of Ropes and Gray LLP acted as legal advisors to New Mountain. CIM Partners LLC acted as financial advisor to New Mountain. Georg Schneider, Sebastian Voigt, Dresden, Julia Hecht, Yvonne Dietzel, Tom Beckerhoff, Alexander Schilling, Michael Schumacher, Susann Jahn, Konrad Zdanowiecki and Stefanie Hagemeier of Noerr LLP acted as legal advisors to New Mountain Capital Group, LLC.