BUZZ-Solstice Advanced Materials dips on $14.5 billion Element Solutions buyout
Solstice Advanced Materials, Inc. SOLS | 0.00 | |
Element Solutions Inc ESI | 0.00 |
** Shares of Honeywell spinoff Solstice Advanced Materials SOLS.O slump ~8% to $73.8 premarket
** Solstice says it will buy Element Solutions ESI.N at about $14.5 billion, including debt, in a cash-stock deal
** The combination would create a larger supplier of materials used in semiconductor manufacturing, electronics and industrial applications
** SOLS expects over $180 mln net synergies by third year post-close
** ESI shareholders will receive $10 in cash and 0.5 shares of Solstice common stock for each share of Element common stock
** The transaction is expected to close in the first half of 2027
** Shares of ESI up 2% at $44.5 premarket