Solstice Advanced Materials Inc. (Morris Plains, New Jersey) and Element Solutions Inc. (Miami) have announced that following conversations with shareholders and company boards, they have entered into a mutual agreement to terminate Solstice’s acquisition of Element.
The companies announced the $14.5 billion cash-and-stock transaction in July. Element Solutions’ full-year 2025 adjusted EBITDA was $609 million, which would have represented a 23.8x multiple on the transaction price. Solstice said the deal was made to accelerate its exposure to high-growth electronics, AI infrastructure and nuclear fuel markets.
“While we viewed the Element acquisition as an opportunity to accelerate our strategy, we have great confidence in our strategic plan and respect our shareholders’ views,” said David Sewell, president and CEO of Solstice.
Element chairman Ian Ashken said, “while the strategic and financial rationale of the proposed transaction was compelling, based on constructive feedback from our shareholders and discussions between the parties, both companies’ boards concluded that Element Solutions and Solstice would serve our respective shareholders better as standalone companies at this time.”
Solstice reaffirmed its third-quarter and full-year 2026 net sales guidance at $990 million-$1.030 billion and $4.125 billion-$4.185 billion, respectively. The company expects full-year adjusted diluted earnings per share to be $2.75-$2.95.
Since the transaction announcement on July 6, shares in Solstice have fallen 34.9% and shares in Element dropped 16.3%. Solstice shares closed Aug. 27 at $57.08 and Element shares closed at $36.35.
No fees will be payable by either party as a result of the termination.
Solstice also announced that its board approved a share repurchase program up to $500 million of its common stock.
by Jameson Croteau
Source: chemweek.com
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