Eastman Chemical Co. agreed to acquire Taminco Corp., a producer of chemicals for water treatment and agriculture, for about $1.8 billion in cash.

Taminco shareholders will receive $26 a share, Kingsport, Tennessee-based Eastman said today in a statement. The transaction value is $2.8 billion including assumption of $1 billion of Taminco’s debt, Eastman said.

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