Under the terms of the agreement, Solenis will acquire Diversey in an all-cash transaction valued at an enterprise value of approximately US$4.6 billion. Diversey shareholders will receive $8.40 per share in cash, a premium of approximately 41% over the company’s closing share price on March 7. The merger is expected to be completed in the second half of 2023, subject to the satisfaction of customary closing conditions, including approval by Diversey shareholders.
Upon successful completion of the merger, Diversey will become a private company. John Panichella, current Solenis CEO, will lead the combined company following the transition and integration.
“The merger presents a unique opportunity to enhance value and create a more diversified business with increased scale, broader global reach, and superior customer service capabilities. It will enable the combined company to grow and provide a number of attractive cross-selling opportunities, including meeting increasing customer demand for water management, cleaning, and hygiene solutions,” said Phil Wieland, Diversey CEO.
With sales in more than 175 countries, Diversey is a global provider of commercial cleaning, sanitation, and hygiene solutions. For more information, visit www.diversey.com.