BASF and Clayton, Dubilier & Rice to Sell Solenis for $5.25 Billion Enterprise Value
July 06 2021 - 8:00AM
Dow Jones News
By Olivia Bugault
Germany's BASF SE and the U.S.'s Clayton, Dubilier & Rice
LLC have signed an agreement for the sale of water-treatment
company Solenis to private equity firm Platinum Equity LLC for an
enterprise value of $5.25 billion.
The German chemicals company holds a 49% stake in Solenis while
the remaining 51% is held by private-equity company Clayton,
Dubilier & Rice and Solenis management via funds, BASF said
Tuesday.
The enterprise value includes a net debt of roughly $2.5
billion, BASF said.
"The transaction does not affect any of the existing mid- to
long-term supply agreements and commercial relationships between
BASF and Solenis," BASF said. "BASF will continue to supply
products to or source products from Solenis under these
agreements."
The deal is expected to close before the end of the year.
In its fiscal year 2020 ending on Sept. 30, Solenis posted $2.8
billion in sales.
Write to Olivia Bugault at olivia.bugault@wsj.com
(END) Dow Jones Newswires
July 06, 2021 07:49 ET (11:49 GMT)
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