Valspar, a Minneapolis-based global paints and coatings company whose consumer paints are sold in home-improvement stores, will be the largest acquisition in Sherwin-Williams’ 151-year history.
The deal will create a mammoth global paint company with combined estimated revenues of $15.6 billion, adjusted earnings of $2.8 billion, and about 58,000 employees.
Sherwin-Williams’ share price rose as well, closing at $334.95, up 86 cents from Thursday’s close of $334.09.
CLEVELAND, Ohio — Sherwin-Williams Co. on Friday afternoon announced it has received the final regulatory green light to acquire the Valspar Corp., clearing the way for the Cleveland-based paint company to become one of the world’s largest.
The news sent shares of Valspar up to a 52-week high of $113.07 per share before it closed at $112.99.
Sherwin-Williams gets U.S. antitrust agreement to buy Valspar
Cleveland-based Sherwin-Williams Co. on Friday, May 26, announced in a news release that it had received the regulatory approvals it needed to close the Valspar Corp. acquisition.
Paint and coatings maker Sherwin-Williams announced plans to acquire Valspar for about $11.3 billion back in March 2016.
The approvals were from the U.S. Federal Trade Commission and the Canadian Competition Bureau, and were the only regulatory approvals left to complete the acquisition process, the release stated.
The deal was originally expected to close in the first quarter of calendar year 2017, but it encountered some hurdles.
That is now expected to close June 1, assuming regular closing conditions are met.
collected by :John Locas