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
At GMT 0851, Sika shares were up 9.6% at CHF353.50. By Cristina Roca and Sarah Sloat
克里斯蒂娜·羅卡(Cristina Roca)和莎拉·斯勞特
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)週四早盤股價大幅上漲，此前這家瑞士特種化學品公司表示，將以55億瑞士法郎(合59.9億美元)的企業價值從孤星基金(Lone Star Funds)的一家附屬公司手中收購MBCC集團。
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前身為巴斯夫建築化工公司，總部設在德國。西卡表示，這筆交易將在西卡的大多數核心技術、應用和解決方案方面具有很強的互補性。
At GMT 0851, Sika shares were up 9.6% at CHF353.50.
格林威治時間0851，西卡股價上漲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的分析師在一份報告中表示，西卡在整合方面有着良好的記錄，如果能成功解決MBCC的弱點，在這筆交易的支持下，其全球市場份額可能會增加到近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.
傑富瑞(Jefferies)分析師説，這一收購價格明顯高於美國私募股權公司孤星(Lone Star)在2019年為該業務支付的35億瑞士法郎，但考慮到它應該創造的協同效應，這筆交易看起來仍然不貴。
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.
這家瑞士公司預計，到2025年，這筆交易的年度協同效應將達到1.6億至1.8億瑞士法郎。西卡表示，從計劃於2022年下半年完成的第一個全年收盤開始，這將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約有7500名員工，業務遍及60多個國家和地區。據西卡稱，2021年，該公司預計將產生29億瑞士法郎的淨銷售額。
Write to Cristina Roca at cristina.roca@wsj.com and Sarah Sloat at sarah.sloat@wsj.com
寫信給Cristina.roca@wsj.com Cristina.roca@wsj.com和Sarah Sloat sarah.sloat@wsj.com