Cleaning and maintenance chemical products maker Zep being taken private in $692 million deal

IndustriesAssociated Press

Commercial and industrial chemical products company Zep Inc. is being taken private in a $692 million sale including assumed debt to private equity firm New Mountain Capital.

Under the deal, Zep shareholders will receive $20.05 in cash per share, a 17.3 percent premium over Zep's closing price of $17.09 on Tuesday. The stock portion of the deal is worth about $462 million. The total value of the deal includes net debt being assumed by the buyer.

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The deal is expected to close in the third calendar quarter of 2015.

Shares of Atlanta-based Zep jumped $2.96, or 17.3 percent, to $20.05 in premarket trading.