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.
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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
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