2. |
Notes to the Unaudited Interim Condensed Consolidated Financial Statements |
2.1.1 |
General and Description of the Business |
General
Atotech Limited is a
public company incorporated in Bailiwick of Jersey with its registered seat in 3rd floor, 44 Esplanade, St Helier, JE4 9WG, Jersey and the address of its registered head office in William Street, West Bromwich, West Midlands, B70 OBG, United
Kingdom. Atotech Limited is listed on the New York Stock Exchange under the ticker symbol ATC.
Business
The Company is a leading global provider of specialty electroplating solutions delivering chemistry, equipment, and service for high growth
technology applications. The Companys solutions are used in a wide variety of end markets, including smartphones, communication infrastructure, big data infrastructure, automotive and electronics.
The Company has two operating and reportable segments which are the Electronics (EL) segment and the General Metal Finishing
(GMF) segment. The EL segment supplies chemistry, production equipment and comprehensive services to the electronics industry, especially to the printed circuit board manufacturers, package substrate makers and semiconductor companies.
Its products and technologies serve the main electronics end-markets, including communication, computer, automotive, industrial, medical, aerospace and military industries. The GMF segment supplies chemistry,
production technology and comprehensive services to the surface finishing industries in all areas of application. Its products and technologies serve the main surface finishing end-markets, including the
automotive, consumer electronics, construction, sanitary, white goods and oil & gas industries.
MKS Acquisition
On Jul. 1, 2021, MKS Instruments, Inc. (NASDAQ: MKSI) (MKS) and Atotech Limited announced that they have entered into a definitive
agreement pursuant to which MKS will acquire Atotech for $16.20 in cash and 0.0552 of a share of MKS common stock for each Atotech common share. The transaction has been unanimously approved by MKS and Atotech boards of directors and was also
approved by Atotechs shareholders when over 99 percent of Atotech shares voted in favor of the acquisition in a general meeting held on Nov. 3, 2021.
On Jul. 28, 2022, MKS and Atotech Limited announced that they have received unconditional merger approval from Chinas State
Administration for Market Regulation for MKS pending acquisition of Atotech. The transaction has now received all required regulatory clearances.
The acquisition, which is to be effected by means of a scheme of arrangement under the laws of the Bailiwick of Jersey, is anticipated to
close on Aug. 17, 2022, subject to obtaining the required sanction by the Royal Court of Jersey and the satisfaction of customary closing conditions. A hearing of the Royal Court of Jersey to sanction the Scheme has been scheduled to be held on Aug.
15, 2022. Ordinary shares of Atotech will be de-listed from The New York Stock Exchange in connection with the closing, and the last day of trading in such shares is expected to be Aug. 16, 2022.
2.1.2 |
Basis of Presentation |
The unaudited interim condensed consolidated financial statements (abbreviated with interim financial statements) of the Group as
of and for the period ended Jun. 30, 2022, are presented in U.S. dollars. Unless otherwise indicated, all amounts are shown in millions of U.S. dollars rounded to one decimal place in accordance with standard commercial practice, which may result in
rounding differences and percentage figures presented may not exactly reflect the absolute figures they relate to. Values of 0.0 indicate that the rounded value is equivalent to zero while an em dash () is used when no value is
available.
These interim financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting and do
not include all the information and disclosures required for a complete set of financial statements prepared in accordance with IFRS. Therefore, the interim financial statement should be read in conjunction with the Groups last annual
consolidated financial statements as of and for the year ended Dec. 31, 2021.
These interim financial statements were authorized for
issue by the Companys board of directors on Aug. 4, 2022.
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