OM Group Buys German Manufacturer VAC For $1B

Law360, New York (July 5, 2011, 5:18 PM EDT) -- Cleveland, Ohio-based chemical manufacturer OM Group Inc. announced Tuesday that it will buy German magnetic materials maker Vacuumschmelze GmbH & Co. KG from JP Morgan Chase & Co. investment wing One Equity Partners for €700 million ($1 billion).

One Equity Partners will receive $50 million in common stock equity as part of the deal, which will be funded through a combination of cash, stock and committed financing from Merrill Lynch & Co., PNC Capital Markets and BNP Paribas, according to OM Group.

OM Group Chairman and...
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