Umicore has reached an agreement to sell its Zinc Chemicals business unit to OpenGate Capital, a US-based private equity firm with a focus on developing a broad portfolio of high-quality industrial activities.
The transaction places an enterprise value of € 142.4 million on the business and is expected to be closed during the second half of 2016, subject to standard regulatory approvals.
Commenting on the transaction, Umicore CEO Marc Grynberg said: “We are delighted to have concluded this deal. Zinc Chemicals has an outstanding portfolio of products and operations and our colleagues have done a great job to position the business as a leader in its market segments. The new owner has a clear industrial project and will provide the business with the means to further develop and grow.”
BNP Paribas and Cleary Gottlieb Steen & Hamilton acted as Umicore’s advisers in the transaction.
Source: Umicore
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