IPHOFEN, Germany & CHICAGO — Gebr. Knauf KG and USG Corporation have announced the completion of Knauf’s acquisition of USG.
The acquisition creates the world’s largest gypsum company, Knauf said in an press release announcing completion of the acquisition.
“This transformational transaction is the largest acquisition in Knauf’s history and, accordingly, presents significant opportunities to create a stronger, more sustainable company for our employees, customers and communities,” said Alexander Knauf, general partner of Knauf. “We greatly admire USG’s strong brands, leading market positions in North American wallboard and ceilings, and highly talented employee base. We are excited to welcome USG employees to the Knauf family and look forward to working together to accelerate growth and profitability and even better serve our customers.”
Chris Griffin, incoming CEO of USG, further commented, “I am excited to be back at USG, working with a talented USG team and Knauf leadership to make this combination a huge success. Our immediate priorities are ensuring a smooth transition for our employees, helping our customers be successful by putting them at the center of everything we do and driving operational excellence across the business.”
USG stockholders will receive $43.50 in cash for each share of USG common stock held at the effective time of the merger, the release states, without interest and subject to tax withholding as applicable. This closing consideration is in addition to the special dividend of $0.50 per share of USG common stock that was previously paid on October 2, 2018 to holders of record as of the close of business on August 21, 2018.
Shares of USG common stock will cease trading on the New York Stock Exchange and the Chicago Stock Exchange and will be delisted from the NYSE and CHX.