French specialty chemicals producer Arkema said it has successfully wrapped up financing for its acquisition of German adhesives manufacturer Bostik from its former parent company Total.

A price tag was not disclosed when the deal was announced in September of last year. News agencies, however, put the figure at around €1.74 billon.

At the time, Arkema said the acquisition was designed to expand its position in a fragmented global adhesive and sealants market. With annual sales of just over €1.5 billion and nearly 5,000 employees, Bostik claims to be world's number three adhesives producer.

In the final phase of the financing, Arkema said it has now completed a bond issue with a 10-year maturity and a 1.50% coupon. Taking advantage of favourable market conditions and supported by a strong oversubscription level, it said the issue was valued at €700 million.

In October 2014, the company completed a €700 million euro hybrid bond issue and in December increased its share capital through a €350 million rights issue.