Apollo Global to Buy Univar in $8.1 Billion Deal Including Debt
Apollo Global Management Inc.
APO -3.02%
has agreed to acquire chemical company
Univar Solutions Inc.
UNVR -2.87%
for $8.1 billion including debt, according to people familiar with the matter, in one of the biggest recent leveraged buyouts.
The deal is expected to value
Univar
UNVR -2.87%
at $36.15 a share and to be unveiled Tuesday, the people said. Shares of Univar closed at $31.17 on Monday.
In early January, Univar said it had ended discussions with
Brenntag SE
about a merger with the German chemicals company and would continue exploring a deal with other interested parties.
Univar is a global specialty chemical and ingredients business that supplies manufacturers in the food, pharmaceutical and cleaning industries, among others.
The company is no stranger to deal making, or to private-equity ownership. It was backed by private-equity investors CVC Capital Partners and Clayton, Dubilier & Rice LLC before going public in 2015. In 2019, it bought rival Nexeo Solutions Inc. and sold a plastics business it acquired in the deal later that year.
Apollo has been busy of late, even as a worsening in credit conditions and a turbulent stock market have crimped buyout activity. The firm, which has more than $500 billion in assets under management, in February made a bid for aerospace-parts maker
Arconic Corp.
, The Wall Street Journal reported. In August, an Apollo-led group agreed to buy airfreight company
Atlas Air Worldwide Holdings Inc.
for $3.2 billion.
On Monday, Silver Lake and the Canada Pension Plan Investment Board agreed to purchase
Qualtrics International Inc.
in a deal valuing the software company at some $12.5 billion and marking the largest private-equity transaction so far this year. The buyout firms plan to use very little debt to pay for the deal.
Together, the Qualtrics, Univar and other takeovers this week show that the collapse of Silicon Valley Bank and the tremors it has sent through financial markets have yet to scare away deal makers.
Write to Laura Cooper at [email protected] and Lauren Thomas at [email protected]
Copyright ©2022 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
Apollo Global Management Inc.
APO -3.02%
has agreed to acquire chemical company
Univar Solutions Inc.
UNVR -2.87%
for $8.1 billion including debt, according to people familiar with the matter, in one of the biggest recent leveraged buyouts.
The deal is expected to value
Univar
UNVR -2.87%
at $36.15 a share and to be unveiled Tuesday, the people said. Shares of Univar closed at $31.17 on Monday.
In early January, Univar said it had ended discussions with
Brenntag SE
about a merger with the German chemicals company and would continue exploring a deal with other interested parties.
Univar is a global specialty chemical and ingredients business that supplies manufacturers in the food, pharmaceutical and cleaning industries, among others.
The company is no stranger to deal making, or to private-equity ownership. It was backed by private-equity investors CVC Capital Partners and Clayton, Dubilier & Rice LLC before going public in 2015. In 2019, it bought rival Nexeo Solutions Inc. and sold a plastics business it acquired in the deal later that year.
Apollo has been busy of late, even as a worsening in credit conditions and a turbulent stock market have crimped buyout activity. The firm, which has more than $500 billion in assets under management, in February made a bid for aerospace-parts maker
Arconic Corp.
, The Wall Street Journal reported. In August, an Apollo-led group agreed to buy airfreight company
Atlas Air Worldwide Holdings Inc.
for $3.2 billion.
On Monday, Silver Lake and the Canada Pension Plan Investment Board agreed to purchase
Qualtrics International Inc.
in a deal valuing the software company at some $12.5 billion and marking the largest private-equity transaction so far this year. The buyout firms plan to use very little debt to pay for the deal.
Together, the Qualtrics, Univar and other takeovers this week show that the collapse of Silicon Valley Bank and the tremors it has sent through financial markets have yet to scare away deal makers.
Write to Laura Cooper at [email protected] and Lauren Thomas at [email protected]
Copyright ©2022 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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