Element Solutions to acquire Micromax from Celanese for about $500M

Element Solutions Inc (ESI) announced that it has signed a definitive agreement to acquire Micromax from Celanese Corporation (CE) for approximately $500M in cash, subject to adjustments. The transaction is expected to close in the first quarter of 2026, subject to certain regulatory approvals and customary closing conditions. Upon the closing of the transaction, Micromax will become a part of ESI’s MacDermid Alpha Electronics Solutions business and will be reported within the company’s Electronics segment. Based on projected 2025 results, Micromax is expected to be more than 5% accretive to ESI’s adjusted earnings per share and contribute approximately $40M to ESI’s adjusted EBITDA on a full-year basis at accretive metals-adjusted margins. Element Solutions expects to fund the transaction using a combination of cash on hand and incremental debt. The Company continues to have substantial incremental capacity to deploy capital to further accelerate growth in earnings per share.