Eastman Chemical has reached agreement to acquire Solutia for about $4.7 billion in cash and stock. Eastman says the purchase creates a leading specialty chemical maker and offers opportunity to grow its presence in Asia. Solutia shareholders will receive $22/share in cash and 0.12 shares of Eastman common stock for each share of Solutia. The deal values Solutia at $27.65/share, a premium of 42% based on January 26 closing prices. Eastman is paying a multiple of 9 times Solutia’s 2011 Ebitda. The transaction is expected to close in mid-2012.
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