Clearlake Capital signs deal worth US$2.6B to buy Intertape Polymer Group
IPG chief executive Greg Yull says Clearlake will provide the operational and financial resources to accelerate the company's acquisition strategy.
Clearlake Capital Group LP has signed a deal to buy Intertape Polymer Group Inc. in a deal valued at US$2.6 billion, including debt.
Under the agreement that will see IPG become a privately held company, Clearlake will pay C$40.50 per share in cash.
Shares in the company which makes packaging products closed at C$22.28 on the Toronto Stock Exchange on Mar. 7.
IPG chief executive Greg Yull says Clearlake will provide the operational and financial resources to accelerate the company’s acquisition strategy, as well as organic growth opportunities.
IPG has about 4,100 employees with operations in 34 locations, including 22 manufacturing facilities in North America, five in Asia and two in Europe.
The deal, which is subject to customary closing conditions, including receipt of shareholder, regulatory and court approvals, is expected to close in the third quarter.
