AZ Electronic Materials Plans IPO

AZ Electronic Materials (Luxembourg) is planning an initial public offering (IPO) worth at least $400 million on the London Stock Exchange, the company announced earlier this month. Proceeds will be used to pay down some of AZ’s $800 million in net debt. They will also be used to recoup the investment of AZ’s private-equity owners, Carlyle Group and Vestar Capital Partners, which together own 83.5% of the company. AZ had revenues of $610.6 million for the 12 months ended June 30, 2010 and generated Ebitda of $200.3 million during that timeframe, a...

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