Apollo Funds acquiring Univar Solutions for $8.1 billion
Canadian PlasticsCanadian Plastics
Univar supplies elastomers, plasticizers, antioxidants, accelerators, flame retardants, and processing aids.
Specialty chemical and ingredient distributor Univar Solutions has been acquired by asset manager Apollo Global Management for US$8.1 billion.
The deal, described in a March 14 news release as an “all cash transaction,” also includes “a minority investment from a wholly owned subsidiary of the Abu Dhabi Investment Authority (‘ADIA’).”
Headquartered in Downers Grove, Ill., Univar supplies elastomers, plasticizers, antioxidants, accelerators, flame retardants, and processing aids. The company’s Canadian business, Univar Solutions Canada, has six warehouses across Canada and offices in Weston, Ont.; Calgary; and Richmond, B.C.
The company will continue to operate under the Univar Solutions name and brand and maintain a “global presence,” the release added.
“We are pleased to have reached this agreement with Apollo, which will provide immediate and certain cash value for Univar Solutions shareholders,” said Chris Pappas, chairman of Univar’s board of directors. “The board’s decision follows a comprehensive review of value creation opportunities for Univar Solutions. We are confident this transaction is the right path forward and achieves our goal of maximizing value for Univar Solutions shareholders.”
The transaction is expected to close in the second half of 2023.
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