By P.R. Venkat
Pidilite Industries Ltd. has agreed to acquire an Indian unit of Huntsman Corp. for 21 billion Indian rupees ($283.06 million).
The Indian listed entity will acquire Huntsman Advanced Materials Solutions Pvt. Ltd. in an all-cash deal, Pidilite said Thursday.
The transaction is expected to close by next week.
Under the terms of the agreement, Huntsman, a leading global producer of differentiated organic chemical products, will receive approximately 90% of the cash consideration at closing of the deal.
The balance of 10% will be paid under an earnout within 18 months if the business achieves sales revenue in line with 2019, the company said.
Pidilite is a manufacturer of adhesives and sealants, construction chemicals, and polymer emulsions in India.
Write to P.R. Venkat at firstname.lastname@example.org
(END) Dow Jones Newswires