Chase Corp. Agrees To Go Private In $1.3 Bln Deal With KKR

(RTTNews) - Chase Corp. (CCF), a manufacturer of protective materials, Friday said it has entered into a definitive agreement to be acquired by an affiliate of investment funds managed by KKR.

The all-cash transaction is valued at around $1.3 billion, including the assumption of debt.

Under the deal terms, KKR will buy Chase shares for $127.50 per share in cash.

Once the transaction is complete, Chase will be a privately held company wholly owned by an affiliate of KKR's investment funds. It will no longer have its stock listed on any public market.

Chase's Board of Directors has unanimously approved the deal and recommends that shareholders vote in favor of the transaction.

The transaction is expected to close in the fourth quarter of 2023, subject to the receipt of approval from the company's shareholders and certain required regulatory approvals.

The all-cash transaction is not subject to financing conditions.

Peter Chase, Adam Chase, Mary Chase and the Edward Chase Trust, collectively holding around 26% of the outstanding shares of Chase Corp. stock, have agreed to vote their shares in favor of the transaction.

KKR is making its investment in Chase through its North America Fund XIII.