Solstice Advanced Materials to Acquire Element Solutions for $14.5 Billion

2026-07-07

On July 6, Solstice Advanced Materials, a spin-off from Honeywell, officially announced that it has entered into a merger agreement with specialty chemicals company Element Solutions Inc. to acquire the latter for approximately $14.5 billion. The merger is expected to close in the first half of 2027. The transaction will create a larger-scale supplier of materials for semiconductor manufacturing, electronics, and industrial applications.

Under the agreement, Element Solutions shareholders will receive $10.00 in cash and 0.5 share of Solstice common stock per share, representing an implied consideration of approximately $50.1 per share—a 14.8% premium over Element Solutions' closing price on the previous trading day. Upon completion of the transaction, Element shareholders will hold approximately 44% of the combined company. Solstice has secured a $4.7 billion bridge loan commitment from Goldman Sachs and intends to refinance it with long-term debt financing.

Solstice to Acquire Element for $14.5 Billion

Business Integration and Strategic Synergies

The combined company will retain the Solstice name, with David Sewell serving as Chief Executive Officer. The Solstice Board of Directors will consist of 11 members, including Element Solutions CEO Ben Gliklich and two additional Element directors.

This integration will deeply merge Solstice's refrigerants, specialty materials, and uranium conversion businesses with Element's portfolio of electronic chemicals. Solstice focuses on semiconductor manufacturing, data center cooling, specialty materials, and healthcare packaging, among other areas. Element Solutions specializes in chemical formulations and process technologies for electronics manufacturing, industrial surface treatment, and specialty industrial applications, with its products widely used in semiconductor manufacturing, printed circuit boards, and electronic assembly.

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