Albemarle Corporation announced on Tuesday that it plans to acquire competitor Rockwood Holdings for $6.2 billion in a cash and stock deal. The move will combine two of the world’s largest specialty chemical companies.

Shearman & Sterling, Troutman Sanders and Kelley Drye & Warren advised Albemarle, while Simpson Thacher & Bartlett advised Rockwood Holdings. Bank of America and Merrill Lynch acted as financial advisers to Albemarle, and Lazard and Citigroup advised Rockwood.