By Adriano Marchese
Neo Performance Materials said Monday that it will buy $84.7 million worth of shares in its wholly-owned direct subsidiary in Singapore, Magnet Ventures.
The Canadian manufacturer of advanced industrial materials said that it has entered into a subscription agreement to buy the ordinary and preference shares of the subsidiary in a number of tranches.
The first tranche is expected to be acquired in July for $15.4 million.
Neo Performance also said that a third-party minority investor will also invest in the subsidiary which will have a 30% stake after completion. Neo Performance will hold the remaining 70%.
Write to Adriano Marchese at firstname.lastname@example.org