New York, September 23, 2014 -- Moody's Investors Service placed the ratings of Sigma-Aldrich Corporation (Sigma-Aldrich, A2, P-1) on review for downgrade following the announcement that the company has entered into a definitive agreement to be acquired by Merck KGaA (A3) for $140 per share. The purchase price, which represents a total enterprise value of roughly $17 billion and a 19.5x multiple of Moody's adjusted LTM EBITDA as of June 30, 2014, will be financed by Merck KGaA using cash and debt. Moody's also placed the ratings of Merck KGaA under review for downgrade following the announcement, and affirmed its P-2 commercial paper rating, signaling that the ratings were unlikely to drop more than two notches. The acquisition is subject to customary regulatory approvals and is expected to close mid-year 2015.

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