(Reuters) - India’s UPL Corp (UPLL.NS) on Friday said it would buy the agrochemicals business of Platform Specialty Products Corp for $4.2 billion in cash.
The deal is part of chemicals maker Platform’s plan to separate Arysta LifeScience and its performance solutions businesses.
Platform will rename itself as Element Solutions Inc following the deal’s close, and use the sale proceeds to pay down debt.
UPL Corp said the deal is expected to add 10 rupees to 12 rupees per share to its FY2020 earnings.
Arysta was acquired by Platform Specialty Products in 2015.
Reporting by Karan Nagarkatti and Sharnya G in Bengaluru; Editing by Shailesh Kuber