Solvay: EC approves sale of businesses to BASF

(CercleFinance.com) - The Solvay Group today announces that the European Commission has approved the sale of its Polyamide activities to BASF.


"[This is] a key milestone in the completion of Solvay's transformation into and advanced materials and specialty chemicals company," Solvay said.

Solvay and BASF reached an agreement to sell the Polyamide business at the end of 2017, based on an enterprise value of 1.6 billion euros. The transaction is expected to be finalised in the second half of 2019.

Amongst other things, the deal's completion depends on the sale (to a third party) of part of the assets initially included in the transaction scope in order to meet the European Commission's competition concerns, the group added.

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