Switzerland-based Sika AG, a specialty chemical company, will acquire French peer Parex, a subsidiary of Dry Mix Solutions Investissements, in a 2.5 billion Swiss franc ($2.55 billion) transaction.
Sika is acquiring Parex from a fund owned by Luxembourg-based CVC Capital Partners.
Sika noted that the purchase is expected to boost the company’s presence in the mortar and waterproofing businesses.
The Parex transaction is expected to add to Sika's earnings per share starting the first full year after completion, expected by the third quarter of 2019.