Croda International Plc (LSE:CRDA) agreed to acquire Iberchem S.A. from Eurazeo Capital managed by Eurazeo SE (ENXTPA:RF) and others for €820 million on November 18, 2020. The deal is on a debt free and cash free basis. Under the terms, Eurazeo capital will receive €565 million for which Eurazeo Capital will receive €384 million and €181 million for its affiliates and partners. The consideration will be funded by a combination of the Croda International existing debt facilities and the proceeds of an equity placing, representing 8% of Croda's issued share capital. The placing of new shares in the capital to institutional investors is expected to raise net proceeds of £600 million (€672.32 million). In addition, there will be an offer made by the Croda International on the PrimaryBid platform of new shares in the capital to provide retail investors with an opportunity to participate which will end on November 20, 2020. Iberchem will operate under the umbrella of Croda's newly created consumer care division, though the Spanish group will continue as an independent entity, led by its existing management team, including Chief Executive Officer and founder Ramon Fernandez.

As of September, 2020, Iberchem S.A. generated revenues of €179 million, EBITDA €38 million and total assets of €508 million. Iberchem S.A. have net loss before tax of €0.9 million in 2019. Iberchem S.A. will operate as an independent entity but will support Croda after the transaction. Will be reported as part of new Consumer Care sector from 2021 and continue to be led by existing, highly experienced management team of Ramon Fernandez (Chief Executive Officer), Jose Balibrea (Chief Financial Officer) and Olegario Monegal (General Manager). The closing remains subject to customary closing conditions. The acquisition is expected to close by the end of 2020. The transaction is expected to be earnings accretive in the first full financial year following completion and strongly accretive. Andrew Foster and Shirav Patel of Morgan Stanley & Co. International plc and Mark Dickenson and Hugo Heath of HSBC Bank plc acted as financial advisors to Croda International Plc. Matthew Knott of Lazard & Co., Limited acted as financial advisor to Croda International Plc. Oliver Lazenby of Freshfields Bruckhaus Deringer LLP acted as legal advisor to Croda International Plc. BNP Paribas acted as the financial advisor to Eurazeo.

Croda International Plc (LSE:CRDA) completed the acquisition of Iberchem S.A. from Eurazeo Capital managed by Eurazeo SE (ENXTPA:RF) and others on November 24, 2020. Florence Haas, Olivier Saba, Sébastien de Monès, Pierre-Henri Durand, Olivier Billard and Anne Jussiaux of Bredin Prat & Associes and Uría Menéndez Abogados, S.L.P. acted as legal advisor to Eurazeo.