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)

Copyright (c) 2021 Dow Jones & Company, Inc.
BASF (XE:BAS)
Historical Stock Chart
From Nov 2021 to Dec 2021 Click Here for more BASF Charts.
BASF (XE:BAS)
Historical Stock Chart
From Dec 2020 to Dec 2021 Click Here for more BASF Charts.