American Securities continued its mini-buying spree Thursday by joining forces with the current management team at Emerald Performance Materials to acquire the chemical company from an affiliate of fellow private equity firm Sun Capital Partners.
While the purchase price was not disclosed, Reuters, citing an anonymous source, pegged it at more than $1 billion. The transaction is expected to close in the third quarter of this year subject to regulatory and other approvals, according to an Emerald Performance Materials press release.
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