Pidilite to Acquire Huntsman Corp.'s India Subsidiary for $283 Million
October 28 2020 - 10:45PM
Dow Jones News
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)
Copyright (c) 2020 Dow Jones & Company, Inc.
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