Illinois, US –Univar Solutions is to be acquired by private equity fund Apollo. The specialty chemicals distributor’s portfolio includes numerous polyurethane ingredients and additives.
The all-cash deal values Univar at $8.1bn, with shareholders receiving $36.15 per share. As well as funds from Apollo, the transaction also includes a minority investment from a subsidiary of the Abu Dhabi Investment Authority, plus a committed debt financing package. It is expected to close in the second half of 2023, subject to shareholder approval.
Univar’s board chairman Chris Pappas said that the deal will give immediate cash value for the company’s shareholders. “The board’s decision follows a comprehensive review of value creation opportunities for Univar Solutions,” he said. “We are confident this transaction is the right path forward and achieves our goal of maximising value for Univar Solutions shareholders.”