Westlake Chemical on Wednesday finalized its purchase of Axiall Corp. for about $3.8 billion — a number that includes the added cost of Axiall’s debt and liabilities.
Westlake Chemical purchased Axiall for $33 per share in an all-cash transaction, officials said. The transaction is expected to become accretive — or add value to the company beyond the acquisition cost — within the next year.
The acquisition process started in January when Westlake Chemical offered to buy Axiall. Axiall turned down the offer and numerous other purchase attempts by Westlake Chemical before reaching a formal agreement in June.
The companies have since received all regulatory approvals required for the transaction, including clearance from both U.S. and Canadian competition authorities, officials said.
Axiall’s shareholders met Tuesday to vote on the transaction, which was finalized Wednesday.
The combined company will be the third-largest chlor-alkali producer globally and the second-largest polyvinyl chloride — PVC — producer in North America, officials said.
Westlake Chemical President and CEO Albert Chao said in a statement that the transaction “creates a company with greater financial and operational flexibility.”
He said the acquisition “aligns two remarkable companies” and that this alignment could prove financially beneficial to stockholders.
“We believe that we will be better able to serve our customers with a more diversified portfolio that should create significant value and growth opportunities for Westlake stockholders,” Chao said.
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