Apollo Global Management has agreed to acquire chemical and ingredient distributor Univar Solutions in an all-cash transaction that values the company at an enterprise value of approximately $8.1bn.
The transaction includes a minority investment from a wholly-owned subsidiary of the Abu Dhabi Investment Authority (ADIA).
The agreement provides that Univar Solutions shareholders will receive $36.15 per share in cash, representing a 20.6% premium to its undisturbed closing price on Nov. 22, 2022.
The transaction will be financed with equity provided by the Apollo Funds, a minority equity investment from a wholly owned subsidiary of ADIA and a committed debt financing package.
Get the week’s top news delivered directly to your inbox – Sign up for our newsletter
The transaction is expected to close in the second half of 2023
Upon completion of the transaction, shares of Univar Solutions will no longer trade on the New York Stock Exchange, making it a privately held company.
Apollo held $8.4 billion in cash and equivalents as of Dec. 31, 2022.
Source: Yahoo Finance
Can’t stop reading? Read more
Ares raises $5.4bn for US and Europe real estate strategies as recovery drives demand
Ares raises $5.4bn for US and Europe real estate strategies as recovery drives demand Ares has...
Blue Owl caps fund withdrawals as private credit demand recalibrates amid market volatility
Blue Owl caps fund withdrawals as private credit demand recalibrates amid market volatility Blue...
Sycamore targets $4bn profit at Walgreens following $10bn buyout
Sycamore targets $4bn profit at Walgreens following $10bn buyout Sycamore Partners is targeting a...