Clariant and Ashland announced that they have entered into a definitive agreement to sell their joint venture, ASK Chemicals headquartered in Hilden, Germany, to investment funds affiliated with Rhone, a London and New York-based private equity investment firm. The enterprise value of the transaction before debt and assumed liabilities amounts to EUR 257M. After adjusting for debt and assumed liabilities, total pre-tax proceeds to the sellers will be approximately EUR 149M, which includes EUR 128M in cash and a EUR 21M buyer note. Proceeds will be split evenly between Ashland and Clariant under terms of the 50/50 joint venture. The transaction is expected to close during Q3.
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