Synthomer closes £204m rights issue to fund US merger

London fotolia
By Aidan Gregory
30 Jul 2019

Synthomer, the Malaysian-backed UK producer of aqueous polymers, has finished its £204m rights issue after the deal won a high take-up among shareholders.

The proceeds, alongside existing debt facilities, are intended to partly finance London-headquartered Synthomer’s acquisition of Omnova, a US chemicals company, for an enterprise value of £654m. 

The merger, which was announced alongside the rights issue earlier this month, is intended to create a major global specialty chemicals company by ...

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