Trinseo’s €1.137 Billion Acquisition of Arkema’s PMMA Business

Kirkland & Ellis, together with Lundgrens, served as primary legal advisor to Trinseo in the transaction, while Willkie advised Arkema.

Trinseo (NYSE: TSE), a global materials company and manufacturer of plastics, latex binders and synthetic rubber, entered into a binding agreement with Arkema S.A. (“Arkema”), a leader in specialty chemicals, to acquire Arkema’s polymethyl methacrylates (“PMMA”) and activated methyl methacrylates (“MMA”) businesses (together, referred to herein as the “PMMA business”).

PMMA is a transparent and rigid plastic with a wide range of end uses, and is an attractive adjacent chemistry which complements Trinseo’s existing offerings across several end markets including automotive, building & construction, medical and consumer electronics.

HSBC Securities (USA) Inc. and Deutsche Bank Securities Inc. served as lead financial advisors to Trinseo on the PMMA business acquisition. Deutsche Bank Securities Inc. and HSBC Securities (USA) Inc. provided committed debt financing in support of the transaction. Centerview Partners LLC served as strategic advisor to Trinseo.

Kirkland & Ellis advised Trinseo with a team in Paris led by transactional partner Laurent Victor-Michel (Picture) and associates Louis Gosset and Lucy Bower and tax partner Nadine Gelli and associate Sonia Bouaffassa. In the U.S., the team included transactional partners Arlene Ortiz-Leytte, Shawn OHargan and Eunu Chun and associates Philippe Simard and Tar Rakhra; technology & IP transactions partners Lisa Samenfeld and Jeffery Norman, and associates Frank Wei, Melissa Moreno and Kevin Jacobsen; tax partners Sara Zablotney and Adam Kool and associate Amanda Milhet; executive compensation partner Michael Krasnovsky and associate Jake Alaxander Eberts; labor and employment associates Jaclyn Schruhl, Richard Kidd and Nick Ustaski; employee benefits partners Adria Crowe and Alexandra Mihalas; real estate partner John Caruso and associate Daniel Cho; environmental transactions partner Stefanie Gitler and associate Michael Mahoney; international trade partner Anthony Rapa; and antitrust and competition partner Mark Gardner and associate Arjun Chandran; along with technology & IP transactions partner Joanna Thomson and associate Eleanor Harley in London.

Willkie advised Arkema with Grégoire Finance, Hugo Nocerino, Justine Ricaud, Marion Callot, Faustine Viala, David Kupka, Sarah Bouchon, Philippe Grudé, Lucille Villié, Claire James, Luca Leonardi, Kurt Lyn, and Alexander Swartwood.

Hélène Monceaux and Claire Le Louarn, from the M&A department of Arkema, assisted Arkema.

The Lundgrens team consisted of Jakob Schilder-Knudsen, Mario Fernandez and Ingólfur Örn Ingólfsson.

Involved fees earner: Luca Leonardi – Delfino e Associati Willkie Farr & Gallagher LLP; Sonia Bouaffassa – Kirkland & Ellis; Lucy Bower – Kirkland & Ellis; John Caruso – Kirkland & Ellis; Arjun Chandran – Kirkland & Ellis; Daniel Cho – Kirkland & Ellis; Eunu Chun – Kirkland & Ellis; Adria Crowe – Kirkland & Ellis; Jake Ebers – Kirkland & Ellis; Mark Gardner – Kirkland & Ellis; Nadine Gelli – Kirkland & Ellis; Stefanie Gitler – Kirkland & Ellis; Louis Gosset – Kirkland & Ellis; Eleanor Harley – Kirkland & Ellis; Kevin Jacobsen – Kirkland & Ellis; Richard Kidd – Kirkland & Ellis; Adam Kool – Kirkland & Ellis; Michael Krasnovsky – Kirkland & Ellis; Michael Mahoney – Kirkland & Ellis; Alexandra Mihalas – Kirkland & Ellis; Amanda Milhet – Kirkland & Ellis; Melissa Moreno – Kirkland & Ellis; Jeffery Norman – Kirkland & Ellis; Shawn O’Hargan – Kirkland & Ellis; Arlene Ortiz-Leytte – Kirkland & Ellis; Anthony Rapa – Kirkland & Ellis; Lisa Samenfeld – Kirkland & Ellis; Jaclyn Schruhl – Kirkland & Ellis; Philippe Simard – Kirkland & Ellis; Joanna Thomson – Kirkland & Ellis; Nick Ustaski – Kirkland & Ellis; Laurent Victor-Michel – Kirkland & Ellis; Frank Wei – Kirkland & Ellis; Sara Zablotney – Kirkland & Ellis; Mario Fernandez – Lundgren; Ingolfur Orn Ingolfsson – Lundgren; Jakob Schilder-Knudsen – Lundgren; Sarah Bouchon – Willkie Farr & Gallagher; Marion Callot – Willkie Farr & Gallagher; Grégoire Finance – Willkie Farr & Gallagher; Philippe Grudé – Willkie Farr & Gallagher; Claire James – Willkie Farr & Gallagher; David Kupka – Willkie Farr & Gallagher; Kurt Lyn – Willkie Farr & Gallagher; Hugo Nocerino – Willkie Farr & Gallagher; Justine Ricaud – Willkie Farr & Gallagher; Alexander Swartwood – Willkie Farr & Gallagher; Faustine Viala – Willkie Farr & Gallagher; Lucille Villié – Willkie Farr & Gallagher;

Law Firms: Delfino e Associati Willkie Farr & Gallagher LLP; Kirkland & Ellis; Lundgren; Willkie Farr & Gallagher;

Clients: Arkema; Trinseo;