J.P. Morgan and Barclays Provide Acquisition Financing for MKS Instruments in its $5.1 Billion Cash and Stock Acquisition of Atotech

July 01, 2021

New York and London  Paul Hastings LLP, a leading global law firm, announced today that the firm represented J.P. Morgan and Barclays Bank PLC on the acquisition financing in connection with the proposed acquisition of Atotech Limited (NYSE: ATC) (”Atotech”) by MKS Instruments, Inc. (NASDAQ: MKSI) (“MKS”), a global provider of technologies that enable advanced processes and improve productivity.

MKS has entered into a definitive agreement to acquire Atotech, a leading process chemicals technology company and a market leader in advanced electroplating solutions, for $16.20 in cash and 0.0552 of a share of MKS common stock for each Atotech common share. The equity value of the transaction is $5.1 billion and the enterprise value of the transaction is approximately $6.5 billion.

MKS intends to fund the cash portion of the transaction with a combination of available cash on hand and committed debt financing. The combined company is expected to have pro forma net cash and investments of approximately $800 million and total debt outstanding of $5.3 billion at closing. MKS has also obtained a commitment to replace its current $100 million asset-based revolving credit facility with a $500 million revolving credit facility.

Finance partner John Cobb led the Paul Hastings team, which also included partners Randal Palach, Luke McDougall, and Edward Holmes; of counsel Seth Chandler; and associate Andres Loera.

At Paul Hastings, our purpose is clear — to help our clients and people navigate new paths to growth. With a strong presence throughout Asia, Europe, Latin America, and the U.S., Paul Hastings is recognized as one of the world’s most innovative global law firms.

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