left-caret
News

News

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.

Practice Areas


SIGN UP FOR NEWS INSIGHTS

MEDIA CONTACTS

Firmwide Inquiries
Arielle Lapiano
Submission Requests
Alan Wright
Corporate, Litigation, Real Estate, and Tax
Scott Wasserman
Intellectual Property, Life Sciences, and Employment
Becca Hatton
Europe
Rostrum