(Montreal) Clearlake Capital Group said Tuesday it would acquire Intertape Polymer Group in a deal valued at $2.6 billion, including debt.
Posted at 11:38 a.m.
Under the agreement, which will see Intertape Polymer Group go private, Clearlake will pay $40.50 per share in cash.
The packaging products maker’s stock ended Monday’s session at $22.28 on the Toronto Stock Exchange.
Intertape Polymer CEO Greg Yull said Clearlake will provide the operational and financial resources to accelerate the company’s acquisition strategy, as well as organic growth opportunities.
Intertape Polymer has approximately 4,100 employees and operates in 34 locations, including 22 manufacturing facilities in North America, five in Asia and two in Europe.
The agreement is subject to the usual closing conditions and must notably obtain the green light from the shareholders and that of the regulatory authorities. It should be concluded in the third quarter.