Cabot Corp. (CBT) agreed to buy Norit NV, the largest producer of activated carbon, for $1.1 billion.
The transaction gives Cabot a high-margin business that’s not subject to the cyclicality of some other chemicals, Cabot said in a statement today.
Cabot expects to finance the purchase with $200 million in cash, and $300 million in borrowings under its existing revolver, according to the statement. The Boston-based company plans to issue approxximately $600 million of long-term debt prior to closing.
To contact the editor responsible for this story: Jessica Resnick-Ault at email@example.com