INEOS Enterprises Group Limited signed an agreement to acquire the admixtures business of MBCC Group from Sika AG (SWX:SIKA) on January 13, 2023. By the end of 2022, the admixtures business generated net sales of around CHF 920 million. The completion of the transaction is subject to regulatory approvals and expected in first half of 2023.

The transaction is subject to approval of Australian Competition & Consumer Commission. As of February 8, 2023 The European Commission has approved, under the EU Merger Regulation, the proposed acquisition of MBCC by Sika. Sika expects annual synergies of CHF 160 to 180 million following closing.

BofA Securities, Inc. acted as financial advisor to Sika AG in the transaction. Sally Wokes, Harry Hecht, David Ives, Charles Osborne, Claire Jeffs, Charles Cameron, John Nevin and Richard Keczkes of Slaughter and May acted as legal advisor to INEOS Enterprises. As of March 22, 2023, CMA approved Cinven as a suitable buyer of disposal perimeter.

Florian, Jannan Crozier, Alan Zoccolillo, Christian Atzler, Thorsten Seidel, James Heller, Christian Burholt, Nicolas Kredel, Gavin Bushell, Samantha Mobley, Luis Gomez, Creighton Macy, Brian Burke, John Fedele, Teisha Johnson, Arlan Gates, Georgina Foster, Jan Kresken, Thomas Gierath, Holger Engelkamp, Rembert Niebel, Gregor Dornbusch, Jonathan Sharp and Anahita Thoms of Baker & McKenzie (Zurich) Baker & McKenzie (Zurich) acted as legal advisor to Sika AG. Philipp Haas, Philip SpoerlÃ, Janine Reudt-Demont of Niederer Kraft & Frey acted as legal counsel to INEOS.