PPG to acquire Tikkurila for EUR 25.00 per share in cash

PPG announced that it has entered into a definitive agreement to acquire Tikkurila in an all-cash transaction. Under the terms of the agreement, PPG will commence a tender offer to acquire all of the issued and outstanding stock of Tikkurila. Pursuant to the offer, Tikkurila shareholders will receive EUR 25.00 in cash for each share of Tikkurila stock they own, for a total transaction value of approximately EUR 1.1B, including the assumption of debt and cash. The transaction is expected to close in Q2 of 2021, subject to customary closing conditions. Tikkurila was established in 1862, and is headquartered in Vantaa, Finland. The company is a producer and distributor of decorative paint and coatings with operations in 11 countries and more than 80% of its revenue coming from Finland, Sweden, Russia, Poland and the Baltic states. Its brands include Tikkurila, Alcro and Beckers. In addition, Tikkurila's industrial paint business participates in the wood and protective coatings end-use segments, among others. The company employs approximately 2,700 people globally and reported sales of approximately EUR 564M in 2019.