* Quaker Chemical and Houghton International to combine

* Quaker Chemical Corp - Quaker Chemical will assume Houghton International's debt and cash, with net debt of approximately $690 million at year-end 2016

* Quaker Chemical Corp says Houghton International shareholders will receive $172.5 million of cash

* Quaker Chemical - anticipates achieving cost synergies of approximately $45 million, majority of which will be realized within two years of deal closing

* Quaker Chemical Corp - after close of transaction, shares of combined company will continue to be listed on New York Stock Exchange

* Quaker Chemical - has secured $1.15 billion in committed financing from Bank of America Merrill Lynch and Deutsche Bank Securities Inc. to support deal

* Quaker Chemical- agreement approved by co's board, Houghton International's board with full support of Hinduja Group

* Quaker Chemical Corp - companies will continue to operate independently until transaction is completed

* Quaker Chemical- Houghton shareholders also to receive 24.5 percent ownership of combined co, representing about 4.3 million shares of newly issued Quaker chemical stock

* Quaker Chemical Corp - following closing of transaction, new company is expected to have a 12-member board of directors

* Quaker Chemical - Michael Barry will continue as chairman, CEO of new business, structure of co will be determined in period between signing, closing

* Quaker Chemical Corp says post-transaction, combined company expects to continue to maintain its dividend

* Quaker Chemical Corp - board of new company will consist of 9 directors from Quaker Chemical and 3 directors to be nominated by Hinduja Group

* As per deal, Hinduja Group will become Quaker Chemical's largest shareholder Source text for Eikon: Further company coverage: