Sherwin-Williams announced it intends to acquire its paint-industry rival Valspar in a $11.3 billion deal, according to MarketWatch managing editor Tim Rostan. The transaction is expected to close in the first quarter of 2017.
Fitch Ratings promptly placed Sherwin-Williams on ‘Rating Watch Negative’ following the announcement, according to a news release. The $11.3 billion deal will include the assumption of $2 billion of debt. Sherwin-Williams plans to fund the transaction through a combination of cash, liquidity available under its existing facilities and new debt…read more