Mon Feb 23, 2015 5:36am EST
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TOKYO Feb 23 (Reuters) - Asahi Kasei Corp, a Japanese chemicals maker, said on Monday it would buy Polypore International Inc's energy storage segment for $2.2 billion, as it seeks to expand in the energy and environment business.
Asahi Kasei will acquire all outstanding shares of North Carolina-based Polypore for $60.50 a share, a 14 percent premium to their $52.95 close on Friday, and representing an enterprise value of about $3.2 billion.
Before the acquisition, 3M Co will buy the assets of Polypore's Separations Media segment for about $1 billion and Asahi Kasei will receive the cash proceeds from the asset sale, they said.
The deal value is close to the company's acquisition of Zoll Medical Corp for $2.21 billion in 2012.
Asahi Kasei said it will draw on its cash reserves and new bridge loans. The company will look to "optimise its financial structure", it added without elaborating.
The transactions have been approved by the boards of directors of Asahi Kasei, 3M, and Polypore.
Mitsubishi UFJ Morgan Stanley Securities Co was the financial adviser to Asahi Kasei while Bank of America Merrill Lynch advised Polypore.
(Reporting by Chris Gallagher and Ritsuko Ando; Editing by Subhranshu Sahu and Anupama Dwivedi)
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