Funds advised by SK Capital Partners agreed to acquire 39.8% stake in Venator Materials PLC (NYSE:VNTR) from Huntsman Corporation (NYSE:HUN) for approximately $100 million on August 28, 2020. SK Capital agreed to acquire 42.5 million shares as part of this transaction. SK Capital have a 30-month option for the sale of Huntsman's remaining approximate 9.5 million shares it holds.

The transaction is subject to regulatory approvals. Transaction was approved by the non conflicted independent members of Board of Venator Materials. The transaction was approved by the European Commission on December 9, 2020.

The transaction is expected to close near year-end. Jeremy Liss, Matthew Arenson, David Holdsworth, Rebecca Villarreal, Melanie Harmon, Benjamin Schreiner, Timothy Lowe, Tim Cruickshank, Will Boothby, Carla Hine, Sarah Jordan, Thomas Wilson, Marin Boney and Michael Falk of Kirkland & Ellis LLP acted as legal advisors to SK Capital Partners. BofA Securities acted as financial advisor in the transaction.