KCC acquires 39.61% of MOM Holding Company (Momentive Performance Materials) remaining stake for KRW 807.9bn
Not yet reviewed: summarised from filings and press reports; figures may differ between reports. Please check the original sources.
- Deal value
- $557m
- Stake
- 39.61%
- Implied 100%
- $1.4bn
- Revenue
- —
- Op. income
- —
- Multiples
- —
Deal value ÷ stake (structure unconfirmed)
- Target
- MOM Holding Company (Momentive Performance Materials) remaining stake · Silicones
- Buyer
- KCC · SI
- Seller
- MOM No.1 PEF (managed by SJL Partners)
- Structure
- —
- Announced
- Mar 28, 2024
- Closed
- May 14, 2024
- Stage
- Closed
Target
MOM Holding Company is the special-purpose holding company KCC set up in 2019 to acquire Momentive Performance Materials. Momentive is described in reports as one of the world's three largest silicone companies, with results sensitive to metal silicon and DMC (organosilicon) prices.
Deal rationale
Reports say KCC bought SJL Partners' remaining Momentive stake on 14 May 2024, making it a wholly owned subsidiary, with faster decision-making and efficiency between KCC and Momentive cited as the reason. Under the 2018 acquisition agreement, SJL reportedly held a co-sale right if Momentive's US listing did not happen, and KCC could avoid it by paying about KRW 405bn (SJL's 20% stake value compounded at 5% a year for five years).
Press coverage
- 딜사이트 (2024-04-04): “4050억원에 잔여지분(50.2%) 전량인수(100% 자회사)를 결정했다”
- 딜사이트 (2024-05-21): “지난 14일 사모펀드 운용사인 SJL파트너스가 보유하던 모멘티브 잔여지분을 4050억원에 매입하고 100% 자회사로 편입시켰다.”
- 아시아경제 (2024-06-25): “1분기 중 모멘티브의 잔여 지분 20%를 인수 완료함에 따라”
- 아시아경제 (2024-01-09): “상장이 불발되면 SJL이 공동 매각을 요구할 수 있는 조항을 계약서에 담았다”
This is a data entry summarising filings and press reports. Please check the original sources for the figures.