Asahi Kasei Chemicals Corp. (Tokyo, Japan; www.asahi-kasei.co.jp) has entered into a definitive merger agreement to acquire Polypore International, Inc. (Charlotte, N.C.; www.polypore.net), a manufacturer of microporous membranes, which currently has two business segments: Energy Storage and Separations Media. In conjunction with this transaction, Polypore also announced that it has entered into a definitive asset purchase agreement to sell the assets and liabilities related to the Separations Media segment to 3M Co. for cash consideration of approximately $1 billion.
Asahi Kasei, through a U.S. subsidiary, will acquire all of the outstanding shares of Polypore’s common stock for $60.50 per share in the form of a cash merger, which would occur immediately after the closing of the sale of the Separations Media segment to 3M. As a result of these transactions, Asahi Kasei will acquire Polypore’s Energy Storage business for total net consideration of approximately $2.2 billion. The transactions have been approved by the Boards of Directors of Asahi Kasei, 3M and Polypore, and are subject to customary conditions, including approval of Polypore’s shareholders and receipt of applicable regulatory clearances.