Arkema is taking a 54% stake in South Korean company PI Advanced Materials based on an enterprise value of 728 million euros ($797.9 million), in a deal aimed at asserting the French company's place in the specialty materials market.

Chemical company Arkema said Wednesday that it is buying the controlling stake from Glenwood Private Equity, with the remaining 46% of shares continuing to be listed on the South Korean stock exchange.

PI Advanced Materials makes polyimide films for flexible printed circuit boards and graphite sheets that are used in the markets of mobile devices and electric vehicles. Arkema will consolidate the group in its accounts.

"This acquisition is fully aligned with our strategy to be at the forefront of high performance materials for high growth end markets supported by megatrends such as electric vehicles and advanced electronics," said Thierry Le Henaff, Arkema's Chief Executive Officer.

The deal, subject to approval from Chinese and South Korean antitrust authorities, should be finalized at the end of the year.

Source: Market Watch