[THE INVESTOR] A consortium led by KCC, one of Korea’s leading makers of building materials, will sign a deal on Sept. 13 to acquire US silicone maker Momentive Performance Materials, a company source said.
The consortium has agreed to purchase a 100 percent stake in Momentive Performance from Apollo Global Management in a deal valued at around US$3 billion. Momentive Performance is wholly owned by the U.S. private equity investment firm.
Momentive Performance is one of the world’s largest producers of silicone and silicone derivatives, and a global leader in the development and manufacturing of products derived from quartz and specialty ceramics.
A KCC executive handling the issue said a formal signing ceremony is set to be held in Seoul later in the day.
KCC said its stake in Momentive Performance will be 45 percent, while Korean private equity fund SJL Partners will hold 50 percent and the remainder will be held by Wonik Group, a local producer of semiconductor equipment and materials.
By Song Seung-hyun and newswires (email@example.com)