Olin (OLN) M&A announcement summary

Deal rationale and strategic fit

• Merger creates a $12B+ North American chemicals leader with a strong presence in Europe and APAC, complementary upstream and downstream capabilities, and a robust U.S. Gulf Coast footprint to serve diverse end markets.

• Combines upstream leadership, downstream application expertise, and advanced materials for a more integrated value chain and improved flexibility.

• Vertical integration leverages cost-advantaged North American assets and feedstocks, enhancing resilience and value creation.

• Ammunition business (Winchester) will remain a key segment, maintaining its industry-leading brand and deepening relationships with sporting, law enforcement, and military customers.

• Enhanced scale and vertical integration improve cost position, competitiveness, and ability to capitalize on regional sector dynamics.

Financial terms and conditions

• All-stock merger of equals; Huntsman shareholders receive 0.5476 Olin shares per Huntsman share.

• Post-transaction ownership: 54.5% Olin shareholders, 45.5% Huntsman shareholders.

• Combined 2025 revenue projected at $12.5B, with $1.3B adjusted EBITDA including synergies.

• Exchange ratio based on 30-day volume-weighted average prices as of June 12, 2026, delivering a premium to Huntsman shareholders.

Synergies and expected cost savings

• Over $400M in identified and actionable cost synergies and integration benefits, with $300M expected within 24 months and all by year three.

• Additional $100M+ raw material integration benefits expected by 2031.

• $125M in cash tax benefits from accelerated Net Operating Losses.

• Synergies from purchasing, raw material integration, operations, and SG&A efficiencies.