Billionaire Tom Gores’ private equity firm Platinum Equity said on Tuesday it would buy specialty chemicals maker Solenis in a deal valued at $5.25 billion, including debt, and merge it with Sigura Water, a company it bought in 2019.
Platinum Equity will acquire Solenis from Clayton, Dubilier & Rice and BASF (BASFn.DE). The German chemicals giant BASF holds a 49% stake in Wilmington, Delaware-headquartered Solenis.
The merger of Solenis with Sigura allows the latter to scale up its water-treatment products and supply chemicals to food packaging and paper industries at a time of rising investor demand, Platinum Equity said in a statement.
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