NP - Neenah Schweitzer-Mauduit to combine in all-stock deal

Neenah Inc. (NYSE:NP) and Schweitzer-Mauduit International (NYSE:SWM) agreed to combined in all-stock transaction between the specialty materials companies. Neenah rose 3% in premarket trading, while SWM advanced 2.8%. Under the agreement, Neenah holders will receive 1.358 shares of SWM common stock for each share of Neenah, according to a statement.. Following the deal close, SWM shareholders will own approximately 58% of the combined company, and Neenah shareholders will own approximately 42%. The combined company will have revenue of about $3 billion and the transaction is expected to achieve at least $65 million in annual run-rate cost synergies within 24-36 months post close.    The combined company is projected to have about $450 million of pro-forma adjusted EBITDA (including synergies) and margins of more than 15%. The merger is expected to close in the second half of 2022. The combined company will remain headquartered in Alpharetta, Georgia and Neenah (NP) CEO Julie Schertell will serve as president and CEO

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Neenah, Schweitzer-Mauduit to combine in all-stock deal