August 15, 2018 / 12:37 PM / a year ago

Cabot Microelectronics to buy KMG Chemicals in $1.6 bln deal

Aug 15 (Reuters) - Cabot Microelectronics Corp said on Wednesday it would buy KMG Chemicals Inc in a cash-and-stock deal valued at $1.6 billion.

KMG shareholders will get $55.65 in cash for each share held and 0.2 of a share of Cabot common stock, implying per share value of $79.50. The deal represents a premium of about 19 percent to KMG’s last close.

The combined company is expected to have annual revenue of about $1 billion, Cabot said in a statement. (Reporting by John Benny in Bengaluru; Editing by Anil D’Silva)

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