Sika Shares Climb on $5.99 Bln Deal to Buy Former BASF Business from Lone Star
Sika Shares Climb on $5.99 Bln Deal to Buy Former BASF Business from Lone Star
By Cristina Roca and Sarah Sloat
克里斯蒂娜·罗卡(Cristina Roca)和莎拉·斯劳特
Sika AG shares traded sharply higher early Thursday after the Swiss specialty-chemicals company said it would acquire MBCC Group from an affiliate of Lone Star Funds for an enterprise value of 5.5 billion Swiss francs ($5.99 billion).
西卡公司(Sika AG)周四早盘股价大幅上涨，此前这家瑞士特种化学品公司表示，将以55亿瑞士法郎(合59.9亿美元)的企业价值从孤星基金(Lone Star Funds)的一家附属公司手中收购MBCC集团。
MBCC, formerly BASF Construction Chemicals, is based in Germany. The deal will be highly complementary across most of Sika's core technologies, applications, and solutions, Sika said.
MBCC前身为巴斯夫建筑化工公司，总部设在德国。西卡表示，这笔交易将在西卡的大多数核心技术、应用和解决方案方面具有很强的互补性。
At GMT 0851, Sika shares were up 9.6% at CHF353.50.
格林威治时间0851，西卡股价上涨9.6%，至353.50瑞士法郎。
Sika has a strong track record on integration and could see its global market share increase to close to 20% on the back of the deal if it can successfully tackle MBCC's weak spots, analysts at Baader Helvea said in a note.
Baader Helvea的分析师在一份报告中表示，西卡在整合方面有着良好的记录，如果能成功解决MBCC的弱点，在这笔交易的支持下，其全球市场份额可能会增加到近20%。
The purchase price is significantly higher than the CHF3.5 billion which U.S. private-equity firm Lone Star paid for the business in 2019, but the deal still looks inexpensive when taking into account the synergies it should create, Jefferies analysts said.
杰富瑞(Jefferies)分析师说，这一收购价格明显高于美国私募股权公司孤星(Lone Star)在2019年为该业务支付的35亿瑞士法郎，但考虑到它应该创造的协同效应，这笔交易看起来仍然不贵。
The Swiss company expects annual synergies between CHF160 million and CHF180 million by 2025 from the deal. It will be accretive to Sika's earnings per share from the first full year post closing, slated for the second half of 2022, Sika said.
这家瑞士公司预计，到2025年，这笔交易的年度协同效应将达到1.6亿至1.8亿瑞士法郎。西卡表示，从计划于2022年下半年完成的第一个全年收盘开始，这将增加西卡的每股收益。
MBCC has approximately 7,500 employees and operations in more than 60 countries. In 2021, the company is expected to generate net sales of CHF2.9 billion, according to Sika.
MBCC约有7500名员工，业务遍及60多个国家和地区。据西卡称，2021年，该公司预计将产生29亿瑞士法郎的净销售额。
Write to Cristina Roca at cristina.roca@wsj.com and Sarah Sloat at sarah.sloat@wsj.com
写信给Cristina.roca@wsj.com Cristina.roca@wsj.com和Sarah Sloat sarah.sloat@wsj.com