This note provides a follow-up update on the Solstice Advanced Materials / Element Solutions definitive agreement announced on July 6, 2026. No material changes to the transaction terms have been publicly disclosed as of this date.

Element Solutions shareholders will receive, for each Element Solutions share:

• $10.00 in cash, and
• 0.500 shares of Solstice Advanced Materials

The implied per-share value of approximately $50.10 represents a premium of approximately 15% to Element Solutions' closing price on July 2, 2026. Following closing, Element Solutions shareholders are expected to own approximately 44% of the combined company.

The cash consideration will be funded through existing resources and new debt. Solstice has secured an initial $4.7 billion bridge financing commitment from Goldman Sachs.

The combined company will operate under the Solstice name.

The transaction combines Solstice's refrigerant gases, high-performance materials, and nuclear fuel cycle operations with Element Solutions' semiconductor and electronics chemicals. The resulting platform will operate across critical segments of the AI supply chain: semiconductor manufacturing, advanced chip packaging, electronics assembly, thermal management, and data center cooling.

Combined 2025 pro forma net sales are approximately $6.8 billion. Management targets more than $180 million in annual net synergies by year three post-closing, with adjusted earnings per share accretion from year one.

Both companies' boards of directors unanimously approved the transaction. Closing is expected in the first half of 2027, subject to:

• Approval by shareholders of both Solstice and Element Solutions,
• Required antitrust and other regulatory clearances, and
• Customary closing conditions.

Because the transaction includes a share consideration component, Solstice will file a Form S-4 registration statement with the SEC, incorporating a joint proxy statement/prospectus for both shareholder votes.

Given the transaction size, HSR pre-merger notification will be required in the United States. The companies' global operations and overlapping electronics materials portfolios may also trigger merger control reviews in the EU and other major jurisdictions. Competitive effects in semiconductor chemicals, advanced packaging inputs, and data center thermal management markets are likely areas of focus.

A scan of the Public Disclosure Platform (KAP) as of July 12, 2026 shows no new Turkish public company disclosures in the merger/demerger, spin-off, or tender offer categories that are connected to this transaction. No Turkish-listed entity has filed a material event disclosure referencing Solstice Advanced Materials or Element Solutions as of this date.

This is consistent with the transaction's profile: both Solstice and Element Solutions are U.S.-listed companies, and the transaction does not involve a Turkish public company as a direct party. Turkish companies with supply chain exposure to either entity's specialty chemicals portfolios should continue to monitor integration developments through their own procurement and vendor management channels.

This update is provided for informational purposes only and does not constitute legal advice. Transaction details are based on publicly available information as of the publication date. For legal advice regarding M&A transactions, cross-border investments, or U.S. regulatory matters, please contact ULF New York.