Davis Polk is advising Solvay SA in connection with its $6.4 billion acquisition of Cytec Industries Inc. Under the terms of the agreement, Cytec stockholders will receive $75.25 in cash for each Cytec share. The transaction is subject to customary closing conditions, including the approval by Cytec stockholders of the merger agreement and certain regulatory approvals. Solvay has arranged committed bridge financing for the transaction which it plans to fund with a €1.5 billion rights issue, €1 billion of additional hybrid instruments and a senior debt issuance.

Headquartered in Brussels, Solvay is an international chemical group assisting industries in finding and implementing responsible and value-creating solutions. Cytec is a specialty chemicals and materials technology company based in New Jersey. Cytec employs approximately 4,600 around the world and generated $2 billion of revenue in 2014.

The Davis Polk corporate team includes partners Jacques Naquet-Radiguet and William H. Aaronson and associates Francesca Campbell and Felipe M. Heiderich. Partner Nick Benham and associate Aaron Ferner are providing credit advice. Partner John B. Reynolds III and counsel Jeanine P. McGuinness are providing regulatory advice. Partner Jeffrey P. Crandall and associate Jessica Lutrin are providing executive compensation advice. Members of the Davis Polk team are based in the New York, Paris, Washington DC and London offices.

Copy link to share post