Luxfer to buy Oaktree-owned Neo Performance for $824 mln

Luxfer Holdings PLC (NYSE: LXFR) has agreed to acquire Neo Performance Materials Inc (TSX: NEO), a Toronto-based maker of rare-earth and rare-metal-based functional materials used in advanced technologies. Luxfer agreed to pay about $824 million (US$612 million) in cash and stock. U.S. distressed investor Oaktree Capital Management, Neo's largest shareholder, agreed to support the deal, which is expected to close in Q2 2019. U.K.-based Luxfer said the acquisition accelerates its strategy to become a leading global manufacturer of highly-engineered advanced materials. Neo emerged in 2016 from the bankruptcy of Molycorp Inc. Oaktree took the company public earlier this year, raising $220 million.

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