Platform Specialty Products Corp., the parent of Macdermid, has agreed to acquire Alent plc, the parent company of Enthone, in a cash and stock transaction for approximately US$2.1-billion. Including net debt, the total transaction value is approximately $2.3-billion. Alent’s business comprises two business segments: Enthone, its Surface Chemistries business that is a global supplier of electroplating chemistry to the electronics, automotive and industrial industries; and Alpha, its Assembly Materials business, which is a global supplier of interconnect materials, primarily into electronics applications. “The proposed acquisition of Alent marks a further step in the platform strategy of building a portfolio of best-in-class ‘Asset-Lite, High-Touch’ businesses in the specialty chemicals industry,” said Martin E. Franklin, Platform’s founder and chairman. “This business and acquisition fits well within our stated objectives, and we are compelled by the value creation the combination may generate. “The creation of Platform was the catalyst that created an environment where the Alent transaction could take place. That’s what Platform is all about. Alent is a terrific fit and rebalances the portfolio as we continue to build the company.” Commenting on the announcement, Andrew Heath, chief executive of Alent, said: “Since the successful demerger of Alent at the end of 2012, our market leading businesses have outperformed their end-markets and delivered increasing returns. Major steps have been taken to improve efficiency together with investments in facilities and R&D to support future growth. “In addition, our Investment for Growth strategy announced earlier this year positions Alent to deliver long-term growth and sustainable margin improvement.” The transaction will be implemented by way of a court-sanctioned scheme of arrangement under the U.K. Companies Act 2006. Both companies’ boards of directors unanimously support the transaction, which is expected to close in late 2015 or early 2016 after the satisfaction of the applicable closing conditions, including Alent shareholder approval and regulatory approvals in certain jurisdictions. Following closing of the transaction, Platform will remain a New York Stock Exchange listed company domiciled in the US.