By P.R. Venkat 
 

Pidilite Industries Ltd. has agreed to acquire an Indian unit of Huntsman Corp. for 21 billion Indian rupees ($283.06 million).

The Indian listed entity will acquire Huntsman Advanced Materials Solutions Pvt. Ltd. in an all-cash deal, Pidilite said Thursday.

The transaction is expected to close by next week.

Under the terms of the agreement, Huntsman, a leading global producer of differentiated organic chemical products, will receive approximately 90% of the cash consideration at closing of the deal.

The balance of 10% will be paid under an earnout within 18 months if the business achieves sales revenue in line with 2019, the company said.

Pidilite is a manufacturer of adhesives and sealants, construction chemicals, and polymer emulsions in India.

 

Write to P.R. Venkat at venkat.pr@wsj.com

 

(END) Dow Jones Newswires

October 28, 2020 22:30 ET (02:30 GMT)

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