Ashland, Clariant sell JV company ASK chemicals €257 million
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Ashland, Clariant sell JV company ASK chemicals for €257 million

7:45 AM, 2nd July 2014
Ashland, Clariant sell JV company ASK chemicals for €257 million

COVINGTON, US: Ashland Inc and Clariant have completed the previously announced sale of their joint venture, ASK Chemicals GmbH headquartered in Hilden, Germany, to investment funds affiliated with Rhône, a London and New York-based private equity investment firm. The enterprise value of the transaction, before debt and assumed liabilities, amounts to €257 million. After adjusting for debt and assumed liabilities, total pre-tax proceeds to the sellers were €149 million, which includes €128 million in cash and a €21 million buyer note. Proceeds will be split evenly between Ashland and Clariant under terms of the 50/50 joint venture.

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