Global law firm Herbert Smith Freehills has acted for Elementis plc, a global specialty chemicals company, on its agreement in principle with Advent International in relation to the proposed acquisition of Mondo Minerals B.V. known as "Mondo", a leading integrated producer of industrial talc additives. The acquisition values Mondo at an enterprise value of US$600 million on a cash free, debt free basis.
The Acquisition (and associated expenses) is proposed to be financed through a Rights Issue of approximately US$280 million, which has been fully underwritten on a standby basis; and up to US$775 million of New Debt Facilities.
The Acquisition is subject to Mondo having completed the customary consultation procedures with its works council. The parties have therefore entered into a signing protocol setting out the procedures for the works council process. Completion of the Acquisition is conditional upon:
(a) the approval of the Acquisition (as a Class 1 transaction under the Listing Rules) by Elementis shareholders; and
(b) the approval of the relevant anti-trust authorities in Brazil and Germany having been obtained.
The Herbert Smith Freehills team comprised:
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