SK Capital has entered into a definitive agreement with Huntsman Corporation to purchase approximately 42.5 million of its shares in Venator Materials. The agreement is for a cash purchase price of approximately $100 million, including a 30-month option for the purchase of the remaining approximately 9.5 million shares at a strike price of $2.15 per share. The transaction is subject to regulatory approvals and is expected to close near year-end.
Venator - Titanium Dioxide Pigments Manufacturer
Barry Siadat, co-founder of SK Capital Partners commented, “
We have had a long-term focus on the pigments industry and are delighted to have reached an agreement to purchase Huntsman’s remaining interest in Venator.”
SK Capital views Venator as one of the world class functional and specialty pigments businesses with a leadership position in
titanium dioxide.
Peter Huntsman, chairman, president and CEO, further commented, "
I am pleased to have reached an agreement to sell our remaining interest in Venator to SK Capital. We are pleased for them to acquire Huntsman's stake in Venator, a world class functional and specialty TiO2 business. The proceeds to be received will further bolster our balance sheet and only enhance our flexibility for further growth."
Source: Huntsman