Solvay SA (ENXTBR:SOLB) announced the spin off of Materials segment and Solutions segment on March 15, 2022. Solvay would be separated into two independent publicly traded companies. SpecialtyCo would comprise the Company?s currently reported Materials segment, including Specialty Polymers, Composites business, as well as the majority of its Solutions segment, including Novecare, Technology Solutions, Aroma Performance, and Oil & Gas. The businesses combined generated approximately ?6 billion in net sales in 2021. Solvay shareholders at the time of separation would receive shares in SpecialtyCo pro rata to their shareholding in Solvay SA. The distribution ratio will be on one ratio one basis. The shares of each company would be expected to be listed on Euronext Brussels and Euronext Paris. SYENSQO will be the new name of spin co. The transaction is subject to general market conditions and customary closing conditions, including final approval by Solvay?s Board of Directors, consent of certain financing providers and shareholder approval at an extraordinary general meeting, and is expected to be completed in the second half of 2023. As of June 29, 2023, registration document has been approved by Belgian Financial Services and Market Authority. As of November 3, 2023, Philippe Kehren has been appointed as a Chief Executive Officer. As of November 16, 2023, Belgian Financial Services and Markets Authority has approved the prospectus relating to the admission to listing and trading of its shares on the regulated markets of Euronext in Brussels and Paris. The record date is December 9, 2023. The shareholders meeting has been convened on December 8, 2023. As of December 8, 2023, Solvay SA Shareholders has approved the resolution for the partial demerger. Transaction is expected to be completed in December, 2023. J.P. Morgan Securities LLC, Morgan Stanley and BNP Paribas are serving as financial advisors for the transaction, with Cleary Gottlieb Steen & Hamilton and Linklaters acting as legal advisors.

Solvay SA completed the Spin-Off of Materials segment and Solutions segment of Solvay SA (ENXTBR:SYENS) on December 9, 2023.