KINGSPORT, Tennessee (

TheStreet

) --

Eastman Chemical

(EMN) - Get Report

reached an agreement to buy

Solutia

( SOA) for $4.7 billion, including debt.

Under the deal, Eastman Chemical will pay $27.65 for each Solutia share, a premium of 42% to Solutia's closing price Thursday of $19.51.

-- Written by Joseph Woelfel

>To contact the writer of this article, click here:

Joseph Woelfel

>To submit a news tip, send an email to:

tips@thestreet.com

.