Ashland’s Acquisition of Pharmachem Laboratories

On April 17, 2017, Ashland Global Holdings Inc. (“Ashland”) announced that its subsidiary has signed a definitive agreement to acquire privately owned Pharmachem Laboratories, Inc., a leading provider of quality ingredients to the global health and wellness industries and high‑value differentiated products to fragrance and flavor houses. Under the terms of the stock purchase agreement, Ashland will pay $660 million in an all‑cash transaction that is expected to be completed before the end of the June quarter. The acquisition, which is subject to customary closing conditions and required regulatory approvals, will be funded with bank financing and available cash. Cravath is representing Ashland in connection with the transaction.

The Cravath team is led by partner Thomas E. Dunn and includes associate Nicholas J. Maida on M&A matters; partners Stephen L. Gordon and Lauren Angelilli and associates Ashley N. Elnicki and Cecily Xi on tax matters; partner Eric W. Hilfers and associates Matthew Cantor and Sally Ye on executive compensation and benefits matters; partner Matthew Morreale and senior attorney Annmarie M. Terraciano on environmental matters; practice area attorney Anthony N. Magistrale on intellectual property matters; and senior attorney Joyce Law on real estate matters. Philip F. Schreiber also worked on executive compensation and benefits matters.