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)