Cabot Microelectronics Corporation acquired KMG Chemicals Inc. for $1.6bn.

Cabot Microelectronics Corporation, the world’s leading supplier of chemical mechanical planarization (CMP) polishing slurries, aacquired KMG Chemicals, Inc., a global provider of specialty chemicals and performance materials, in a cash and stock transaction with a total enterprise value of approximately $1.6bn. Under the terms of the agreement, KMG shareholders will be entitled to receive, per KMG share, $55.65 in cash and 0.2000 of a share of Cabot Microelectronics common stock, which represents an implied per share value of $79.50. The transaction has been unanimously approved by the Boards of Directors of both companies and is expected to close near the end of calendar year 2018.