PPG To Buy Nordic Paint And Coatings Company Tikkurila In EUR 1.1 Bln Deal

(RTTNews) - PPG Industries Inc. (PPG) agreed to buy Nordic paint and coatings company Tikkurila for 25.00 euros per share in cash, valuing the company at about 1.1 billion euros, including the assumption of debt and cash.

The offer price of 25.00 euros represents a premium of about 66.2 percent compared to the closing price of the Shares on Nasdaq Helsinki Ltd on December 17.

As per the terms of the agreement, PPG will commence a tender offer to acquire all of the issued and outstanding stock of Tikkurila.

The offer period under the tender offer is expected to commence on or about January 18, 2021, and to expire on or about March 12, 2021. The Tender Offer is currently expected to be completed during the first half of 2021.

Tikkurila was established in 1862, and is headquartered in Vantaa, Finland. The company is a producer and distributor of decorative paint and coatings with operations in 11 countries and more than 80% of its revenue coming from Finland, Sweden, Russia, Poland, and the Baltic states. The company employs about 2,700 people globally and reported sales of about 564 million euros in 2019.