Technip Energies N.V (TE.PA) Thursday said that it has signed a definitive agreement to acquire the Advanced Materials & Catalysts business from catalyst and services company Ecovyst Inc. (ECVT) for a total purchase price of $556 million.
According to Technip Energies, the acquisition is part of the plan to bring about disciplined growth within its Technology, Products & Services or TPS business segment.
The French engineering and technology company said that the on a pro-forma basis for 2024, the acquisition will increase TPS's contribution to segment EBITDA from 39 percent to around 45 percent. In addition, the transaction is expected to be immediately accretive to both earnings and cash flow.
The takeover is also expected to generate long-term value by improving recurring revenue streams, related to customer operating expenditures, Technip Energies added.
Under the terms of the agreement, Technip Energies said that it will acquire the entire Advanced Materials & Catalysts business, which consists of two main entities. The first is Advanced Silicas, a manufacturer and supplier of specialty silica-based advanced materials and catalysts. The second is Zeolyst International, a 50:50 joint venture with Shell Catalysts & Technologies, and a supplier of custom zeolite-based materials and catalysts.
Technip Energies said that the acquired business has more than 40 years of experience in the chemicals and downstream sectors, with three manufacturing facilities in the United States and Europe. In 2024, the business reported revenues of $223 million with an EBITDA margin of around 25 percent.
The transaction, which is subject to customary regulatory approvals and closing conditions, is expected to close by the first quarter of 2026.
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