Solvay sell cellulose acetate tow biz Blackstone

Solvay to sell cellulose acetate tow biz to Blackstone

10:06 AM, 7th December 2016

BRUSSELS, BELGIUM: Solvay SA has reached an agreement to sell its cellulose acetate tow business, Acetow to Blackstone Group LP, a private equity corporation.

The transaction is based on an enterprise value of about €1 billion, representing around 7 x EBITDA multiple. The net proceeds will contribute to the continued deleveraging of Solvay. Solvay expects to generate a capital gain of around €150 million after tax.

Completion of the transaction is expected in the first half of 2017.

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