PHOENIX -- Merck will acquire Versum Materials for $6.4 billion plus $570 million in debt, the German pharmaceutical giant announced today.

Merck had been locked in a takeover battle with Entegris for Versum, which makes materials for advanced packages, LEDs and semiconductors.

Versum had announced a deal with Entegris last week, only to have Merck top it. Versum will pay Entegris a $140 million fee for cancelling the transaction.

Merck had been in talks with Versum's board for months. Versum went public in 2016 after spinning out from Air Products & Chemicals. It had $1.4 billion in revenues in its most recent fiscal year.

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