3M (MMM) announced today that it has entered into a definitive agreement with Polypore International (PPO) to acquire the assets and liabilities associated with Polypore’s Separations Media business for a total purchase price of $1.0 billion.
Separately, Asahi Kasei has announced today that it has entered into a definitive merger agreement to acquire Polypore’s Energy Storage business. Both transactions are subject to regulatory approvals and customary closing conditions. In addition, both transactions are conditioned on 3M’s transaction with Polypore closing immediately prior to the closing of Asahi Kasei’s transaction with Polypore. Source