Arkema S.A. (ENXTPA:AKE) agreed to acquire a 54% stake in PI Advanced Materials Co., Ltd. (KOSE:A178920) from Glenwood Private Equity for KRW 1 trillion on June 28, 2023. The transaction price is based on a ?728 million enterprise value for the 54% stake, representing c.20x the average 2021/2022 EBITDA. Transaction fully financed in cash, maintaining a strong balance sheet with a net debt on EBITDA ratio within Arkema?s financial leverage objective of 2x. The deal, which is subject to the approval of Chinese and Korean anti-trust authorities, should be finalized end-2023. Morgan Stanley acted as financial advisor to Arkema.

Arkema S.A. (ENXTPA:AKE) completed the acquisition of 54% stake in PI Advanced Materials Co., Ltd. (KOSE:A178920) from Glenwood Private Equity on December 1, 2023.