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Subsequent Events | 9 Months Ended
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Sep. 30, 2014
Subsequent Events [Abstract] |
Subsequent Events | NOTE 17 – SUBSEQUENT EVENTS On October 27, 2014, the Company acquired 100% of the membership interests in Independence Oilfield Chemicals LLC (“Independence”). Independence, based in Houston Texas, services the oil and gas industry, with a focus on completion, stimulation and production chemicals. We purchased Independence for a total discounted consideration of $212.8 million, with an initial payment at closing of $99.0 million funded from existing cash and debt facilities. Innospec will make two deferred consideration payments, with the first one payable approximately one year after closing, and the second one payable approximately two years after closing, with a portion of such deferred payments payable, at Innospec’s election, in shares of Innospec’s common stock. We acquired the business in order to move forward our strategy of building a new market leader in the oilfield specialties sector which forms part of our Fuel Specialties segment. At the time of filing our September 30, 2014 Form 10-Q, we are unable to provide supplemental pro forma information due to the timing of the acquisition being completed. The following table summarizes the estimated allocation of the purchase price to the assets acquired and liabilities assumed for Independence. The purchase price allocation is not yet complete as we are in the process of finalising the valuation of the assets acquired. Final determination of the fair values may result in adjustments to the amounts presented below:
(in millions) |  |  |
Other intangible assets |  | $ | 78.7 |
Goodwill |  |  | 115.8 |
Other net assets acquired |  |  | 18.3 |
Purchase price |  | $ | 212.8 |

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References No definition available. + Details
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