7 December 2016
DETAILS
Solvay has reached an agreement
to sell its cellulose acetate tow business,
Acetow,
to private equity funds managed by Blackstone.
The transaction is based on
an enterprise value of about € 1 billion,
representing around 7 x EBITDA multiple.
The net proceeds will contribute
to the continued deleveraging of Solvay.
Solvay expects to generate
a capital gain of around € 150 million after tax.
Completion of the transaction is expected
in the first half of 2017 and is subject
to the customary social procedures
and approval by the relevant antitrust authorities.
Jean-Pierre Clamadieu,
CEO of Solvay
“The divestment of Acetow is another significant step
in Solvay’s transformation towards
a multi-specialty chemical group
with a higher growth profile,”
Contact:
Blackstone
Andrew Dowler/Rebecca Flower
T: +44 (0) 207 451 4005
M: +44 (0) 7918 360 372
E: Rebecca.Flower@Blackstone.com
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