Oct 10 (Reuters) - Consumer products company Jarden Corp's founder and chairman, Martin Franklin, is planning tobuy privately held specialty chemicals maker MacDermid Inc for $1.8 billion, the Wall Street Journal reported,citing people familiar with the matter.
The deal is expected to be the first of several purchases ofniche chemicals businesses by Franklin, reflecting theBritish-born businessman's interest in collecting and buildingbusinesses unrelated to the company he runs, the Journal said.()
The deal, expected to close by the end of the year, will befunded through Platform Acquisition Holdings Ltd - acompany Franklin founded with billionaire Nicolas Berggruen andtook public on the London Stock Exchange in May, the Journalsaid.
Platform Acquisition's shareholders include sovereign wealthfunds, hedge fund investors and William Ackman's Pershing SquareCapital Management, which owns 28 percent of the company'sordinary shares, the Journal said.
After the deal, Platform Acquisition will be renamedPlatform Specialty Products Corp, its headquarters will be movedto the United States and its listing to the New York StockExchange, the Journal said.
Jarden supplies products ranging from Sunbeam electricblankets and Crock-Pots to Coleman camping gear and Marmotclothing to retailers such as Wal-Mart Stores Inc,Target Corp and Bed, Bath and Beyond.
Denver-based MacDermid was taken private for $1.3 billion ina management-led buyout in 2007. The specialty chemicals companygenerated about $740 million in revenue for the year toSeptember, the Journal said.
Jarden and MacDermid could not immediately be reached forcomment by Reuters outside of regular U.S. business hours.
- Mergers, Acquisitions & Takeovers
- Wall Street Journal