The Chinese antitrust authority has granted MKS Instruments clearance for the pending acquisition of Atotech.
MKS Instruments and Atotech have announced that they have received unconditional merger approval from China’s State Administration for Market Regulation for MKS’ pending acquisition of Atotech.
As previously announced in July 2021, MKS entered into a definitive agreement with Atotech to acquire the company for $16.20 in cash and 0.0552 of a share of MKS common stock for each Atotech ordinary share. At the time of the announcement, the equity value of the transaction was approximately $5.1 billion and the enterprise value of the transaction was approximately $6.5 billion. On November 3, 2021, the transaction was approved by Atotech shareholders.
The acquisition, which is to be effected by means of a scheme of arrangement under the laws of the Bailiwick of Jersey (the “Scheme”), is expected to end on August 17, 2022, subject to obtaining the required sanction from the Royal Court of Jersey and satisfying of the usual closing conditions.
Atotech's shares will be de-listed from the New York Stock Exchange upon closing and the last day of trading of such shares should be August 16, 2022. A Royal Court of Jersey hearing to sanction the Scheme will be held on August 15. 2022 at the Royal Court House.
“We are pleased to have met all necessary regulatory conditions required to complete the acquisition of Atotech,” said John T.C. Lee, President and CEO of MKS. “We look forward to being able to offer a comprehensive portfolio of capabilities in lasers, optics, motion and process chemistry to drive faster, better solutions and innovations for customers in advanced electronics.”