Goldman Sachs Comments on Sealed Air's Agreement to Acquire Diversity

Goldman Sachs is out with its report today on Sealed Air SEE, commenting on SEE;s agreement to acquire Diversity. In a note to clients, Goldman Sachs writes, "Sealed Air has announced it will acquire Diversey, a leading supplier of sustainable products and services into the $40+ bn global cleaning and sanitization market. SEE will pay $4.3 bn for Diversey, and plans to raise c. $3.8 bn in debt at closing and issue 31.7 mn of SEE stock to finance the transaction. In 2010, Diversey generated sales of $3.1 bn and adjusted EBITDA of $453 mn. SEE expects the Diversey acquisition will be accretive to EPS and FCF in the first full year after closing. The acquisition is expected to close in 2011, and is subject to regulatory and shareholder approvals." Goldman Sachs is not rated on SEE. Shares of SEE closed Wednesday at $23.84, down 6.69% from Tuesday's close.