Ecovyst (US:ECVT)2025-09-11 07:00Acquisition Overview - Technip Energies (T.EN) acquired Ecovyst's Advanced Materials & Catalysts business ("AM&C") on September 11, 2025[2] - The purchase price was US$556 million, subject to adjustments[41] - The implied valuation multiple is 9.8x based on AM&C's 2024 adjusted EBITDA[41] - The transaction is fully funded from T.EN's net cash position and is expected to be accretive to EBITDA/EBIT margins, EPS, and free cash flow in the first calendar year following completion[41] AM&C Business Highlights - AM&C is a technology-driven developer and manufacturer of advanced materials and catalysts[28] - In 2024, AM&C's revenue was $223 million with an adjusted EBITDA of $57 million, resulting in an adjusted EBITDA margin of approximately 25%[31] - AM&C's 2024 revenue split is 48% from Advanced Silicas ($106 million) and 52% from Zeolyst International ($117 million)[34, 36] - AM&C has a global presence, with 46% of its 2024 revenue from North America, 23% from Asia, and 17% from Europe[38] Strategic Rationale & Synergies - The acquisition accelerates T.EN's strategy to grow its Technology, Products & Services (TPS) segment[19] - Approximately 25% of T.EN's technology and product portfolio requires technology-specific catalysts[26] - T.EN anticipates deal synergies to drive value creation through new businesses, integration, and cross-selling opportunities[46, 47]