American Securities’ Acquisition of Hexion Holdings

Davis Polk advised Hexion Holdings Corporation, while Kirkland & Ellis advised American Securities on the deal. Debevoise & Plimpton advised Morgan Stanley as financial advisor to Hexion.

American Securities entered into its agreement to acquire Hexion Holdings Corporation (“Hexion Holdings”), a global leader in thermoset resins, for $30.00 per share in cash.

The transaction is expected to close in the first half of 2022, following and conditioned upon the closing of Hexion Holdings’ previously announced sale of its Epoxy business to Westlake Chemical Corporation (NYSE: WLK) (“Westlake”), shareholder and regulatory approvals and satisfaction of other customary closing conditions.

Based in Columbus, Ohio, Hexion is a global leader in thermoset resins. Hexion serves the global adhesive, coatings, composites and industrial markets through a broad range of thermoset technologies, specialty products and technical support for customers in a diverse range of applications and industries.

Based in New York with an office in Shanghai, American Securities is a leading U.S. private equity firm that invests in market-leading North American companies with annual revenues generally ranging from $200 million to $2 billion. American Securities and its affiliates have more than $25 billion under management.

The Kirkland team was led by corporate partners Michael Weisser (Picture) and Duncan Enista and associates Rex Hupy, Authur Holland, Adithya Sharma and Sam Harris, debt finance partners Melissa Hutson and John Ilardo and associate Charles Kilgore, capital markets partner Michael Kim, tax partners Mark Schwed and Timothy Campany, and executive compensation partners Michael Krasnovsky and Jabir Yusoff and associate Carly Rhodes.

The Davis Polk corporate team included partner William H. Aaronson and associates Shanu Bajaj and Christine Choi. Partner William A. Curran provided tax advice. Partner Jeffrey P. Crandall provided executive compensation advice. Counsel Jonathan B. Brown provided finance advice. Partner Pritesh P. Shah provided intellectual property advice. Partner Ronan P. Harty provided antitrust and competition advice. Partner Brian D. Hirsch provided real estate advice. Counsel Michael Comstock provided environmental advice.

The Debevoise team included M&A partners Michael Diz and William Regner. 

Involved fees earner: William Aaronson – Davis Polk & Wardwell; Shanu Bajaj – Davis Polk & Wardwell; Jonathan Brown – Davis Polk & Wardwell; Christine Choi – Davis Polk & Wardwell; Michael Comstock – Davis Polk & Wardwell; Jeffrey Crandall – Davis Polk & Wardwell; William Curran – Davis Polk & Wardwell; Ronan Harty – Davis Polk & Wardwell; Brian Hirsch – Davis Polk & Wardwell; Pritesh P. Shah – Davis Polk & Wardwell; Michael Diz – Debevoise & Plimpton; William Regner – Debevoise & Plimpton; Timothy Campany – Kirkland & Ellis; Duncan Enista – Kirkland & Ellis; Authur Holland – Kirkland & Ellis; Rex Hupy – Kirkland & Ellis; Melissa Hutson – Kirkland & Ellis; John Ilardo – Kirkland & Ellis; Charles Kilgore – Kirkland & Ellis; Michael Kim – Kirkland & Ellis; Michael Krasnovsky – Kirkland & Ellis; Carly Rhodes – Kirkland & Ellis; Mark Schwed – Kirkland & Ellis; Adithya Sharma – Kirkland & Ellis; Michael Weisser – Kirkland & Ellis; Jabir Yusoff – Kirkland & Ellis;

Law Firms: Davis Polk & Wardwell; Debevoise & Plimpton; Kirkland & Ellis;

Clients: American Securities LLC; Hexion Holdings; Morgan Stanley;