NewMarket Corporation entered into a definitive purchase agreement to acquire American Pacific Corporation for approximately $700 million.

NewMarket Corporation (NYSE:NEU) entered into a definitive purchase agreement to acquire American Pacific Corporation for approximately $700 million on December 1, 2023. NewMarket expects to finance the acquisition with available cash and borrowings under its revolving credit facility. The closing is conditioned upon the satisfaction or waiver of customary closing conditions, including clearance under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.

The Purchase Agreement and the Acquisition have been approved by the NewMarket?s board of directors and do not require the approval of the NewMarket?s shareholders. The transaction is expected to close during the first quarter of 2024.