Asahi Kasei in its Acquisition of Polypore
March 2, 2015
Cleary Gottlieb is representing Asahi Kasei in its acquisition of Polypore International, a manufacturer of microporous membranes, through a reverse subsidiary merger at a price of $60.50 per share. The transaction, which values Polypore at approximately $3.2 billion on an enterprise basis, was announced February 23. Polypore concurrently agreed that it will sell its separations media business to 3M Company for cash consideration of approximately $1.0 billion. As a result of the transactions, Asahi Kasei will acquire Polypore’s energy storage business. The transactions are subject to customary closing conditions, including certain regulatory approvals and the approval of Polypore’s stockholders.