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Asahi Kasei to spend $2.2B on Polypore Intl business

February 23, 2015

Japan’s Asahi Kasei Corp. will pay $2.2 billion to buy the energy storage business of Polypore International after Polypore sells a separate segment of its operation to 3M Co. for $1 billion.

Polypore International Inc., which is based in Charlotte, North Carolina, and Asahi Kasei said Monday that the combination of their lithium-ion battery separator businesses will help them develop more sophisticated technology.

Shares of Polypore were up more than 12 percent about an hour before markets opened Monday.

Asahi Kasei said that it will spend $60.50 per share in cash for each Polypore share after the 3M deal closes. That represents a premium of about 14 percent to the $52.95 closing price of Polypore shares on Friday.

Before that deal closes, Polypore International Inc. will sell its separations media segment to 3M, with proceeds from that deal going to Asahi Kasei, a chemical manufacturer with businesses in the health care, construction materials and electronics sectors.

The two deals have been approved by the boards of directors of all three companies, but Polypore shareholders still need to vote.

Polypore’s stock jumped $6.55 to $59.50 in premarket trading. The stock had already climbed more than 12 percent so far this year, as of Friday, while the Standard & Poor’s 500 index rose about 2.5 percent.

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