July 20, 2018 / 1:05 PM / in 10 months

India's UPL Corp to buy Platform Specialty's agrochemical business Arysta for $4.2 billion

(Reuters) - India’s UPL Corp on Friday said it would buy the agrochemicals business of Platform Specialty Products Corp for $4.2 billion in cash.

The deal is part of chemicals maker Platform’s plan to separate Arysta LifeScience and its performance solutions businesses.

Platform will rename itself as Element Solutions Inc following the deal’s close, and use the sale proceeds to pay down debt.

UPL Corp said bit.ly/2LnR8nE the deal is expected to add 10 rupees to 12 rupees per share to its FY2020 earnings.

Arysta was acquired by Platform Specialty Products in 2015.

Reporting by Karan Nagarkatti and Sharnya G in Bengaluru; Editing by Shailesh Kuber

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