Nexeo Solutions to become publicly traded on NASDAQ
Chemicals and plastics distributor Nexeo Solutions (The Woodlands, TX, United States) has announced that it has entered a merger agreement with WL Ross Holdings Corp. (NASDAQ: WLRH), an acquisition company run by billionaire investor Wilbur Ross in a deal valued USD 1’575 mn.
Nexeo, which had revenues of USD 3’949 mn in FY2015, will become a unit of WL Ross Holdings Corp, which intends to change its name to Nexeo Solutions Inc. and apply to trade on Nasdaq under the ticker symbols NXEO, NXEOU, and NXEOW.
As part of the transaction, the previous investor TPG has plans to “roll over a substantial portion of its existing equity and retain a ca. 35% share” in the company. The deal is expected to close in July.
Nexeo press release, for more info see http://www.nexeosolutions.com/nexeo-solutions-announces-merger-agreement-with-wl-ross-holding-corp/
HGE / DCG – 28.03.2016