Billionaire duo Nicolas Berggruen and Martin E. Franklin agreed to buy Alent Plc for 1.35 billion pounds ($2.1 billion) to expand the electronic-chemicals part of their investment firm serving makers of mobile phones and cars.

Alent investors will get 503 pence a share, either in cash or partly in shares of the billionaires’ chemical investment vehicle Platform Specialty Products Corp., the company said in a statement Monday. The offer is 49 percent higher than Alent’s July 10 closing price. Today, the U.K. company traded 44 percent higher at 485.9 pence as of 11:43 a.m.

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