Advent to sell Laird Performance Materials for $2.3B

Private equity firm Advent International Corp. agreed to sell electromagnetic shielding and thermal management company Laird Performance Materials to DuPont de Nemours Inc. for $2.3 billion.

DuPont will pay the consideration from existing cash balances. The company expects to realize about $60 million in pretax run-rate cost synergies by the end of 2024, with the majority realized in the first 18 months after the closing of the deal, which is expected to take place in the third quarter.

The enterprise value multiple of the deal is about 15x estimated 2021 EBITDA on a stand-alone basis and approximately 11x including cost synergies.

J.P. Morgan is financial adviser to DuPont, while Skadden Arps Slate Meagher & Flom LLP is its legal adviser.

Morgan Stanley & Co. International PLC and Rothschild & Co. are financial advisers to Advent, while Weil Gotshal & Manges LLP is the firm's legal adviser.