Polypore International has sold its company in two parts. Through the terms of  the merger agreement, Asahi Kasei Corporation, through a U.S. subsidiary, will purchase the company for $60.50 per share in cash, but the deal will not include the Separations Media business, which will be acquired by 3M right before the acquisition. The definitive agreements require that the sale of the company and the integrated sale of the Separations Media segment close after  conditions for both transactions have been satisfied and that the closings of the transactions are conditioned upon one another.

The per share price represents an enterprise value for the company of approximately $3.2 billion and a premium of approximately 24% over the volume weighted average share price for the 20 trading days up to and including February 20, 2015. The transactions have been approved by the boards of directors of Asahi Kasei, 3M and Polypore and are subject to certain customary regulatory and Polypore shareholder approvals.

“The combination of our Energy Storage business with Asahi Kasei and our Separations Media business with 3M are excellent strategic fits, which we believe create value for our people, customers and shareholders. When you combine our technology, process capabilities and material science expertise with their technology, global reach and broader resources, there’s a great opportunity to accelerate growth going forward,” says Robert Toth, Polypore’s president and CEO. “Clearly, our people have done a tremendous job in building strong businesses that are positioned to address exciting global market trends and needs over the long term, and have the potential to achieve a new level of success by playing a major role in the future growth of two leading global technology companies.”

Commenting on the transaction, Toshio Asano, president and representative director of Asahi Kasei Corporation, says, “We are very excited to be joining forces with Polypore, an esteemed player in energy storage. The Environment & Energy is an area of strategic focus for us as we expand and grow, creating new value for the future. We look forward to combining our respective strengths in battery separator technology, achieving new innovations that contribute to solutions to the world’s environmental and energy challenges.”