BASF and Clayton, Dubilier & Rice to Sell Solenis for $5.25 Billion Enterprise Value

By Olivia Bugault

Germany's BASF SE and the U.S.'s Clayton, Dubilier & Rice LLC have signed an agreement for the sale of water-treatment company Solenis to private equity firm Platinum Equity LLC for an enterprise value of $5.25 billion.

The German chemicals company holds a 49% stake in Solenis while the remaining 51% is held by private-equity company Clayton, Dubilier & Rice and Solenis management via funds, BASF said Tuesday.

The enterprise value includes a net debt of roughly $2.5 billion, BASF said.

"The transaction does not affect any of the existing mid- to long-term supply agreements and commercial relationships between BASF and Solenis," BASF said. "BASF will continue to supply products to or source products from Solenis under these agreements."

The deal is expected to close before the end of the year.

In its fiscal year 2020 ending on Sept. 30, Solenis posted $2.8 billion in sales.

Write to Olivia Bugault at [e-mail]

(END) Dow Jones Newswires

07-06-21 0749ET