AP Acquisition Merging with JEPLAN in $480M Deal

AP Acquisition said it has entered into a definitive merger agreement with JEPLAN at an equity value of $480 million. Tokyo-based JEPLAN is engaged in chemically recycled PET technology.

If approved, upon closing the combined company expects to list on the New York Stock Exchange.

Terms call for gross transaction proceeds of up to approximately $180 million, assuming no redemptions by the SPAC's shareholders. The funds would be used to increase JEPLAN's production capacity of chemically recycled polyethylene terephthalate (r-PET) resin with the intent of capturing a fast-growing market opportunity in global recycled PET products.

JEPLAN currently operates two recycling facilities in Japan, with an additional chemical recycling and research and development facility under construction. JEPLAN's main recycling facility is operated by its subsidiary, PET Refine Technology Co., Ltd. and is of the first PET chemical recycling facilities in the world operating on a commercial scale, according to a press release.

Closing of the transaction is targeted for the third or fourth quarter. Read more.

Source: AP Acquisition Merging with JEPLAN in 0M Deal