Solvay to sell cellulose acetate tow business to Blackstone

摘要

Solvay has announced it will sell its cellulose acetate tow business, Acetow, to private equity funds managed by Black-stone. The transaction is based on an enterprise value of about ?1 billion ($1 billion), representing about seven times EBITDA. Solvay expects to generate a capital gain of about ?150 million after tax. It will use the proceeds to reduce debt. Completion is expected in the first half of 2017 and is subject to customary approvals by the relevant antitrust authorities.