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Direct Investment  + Alternative Assets  + Latest News  + LBOs  |  March 14, 2023
Apollo Global Taking Chemical Distributor Univar Private for $8.1B
By: Joe Palmisano

Apollo Global Taking Chemical Distributor Univar Private for $8.1B

Private equity firm Apollo Global Management will buy specialty chemical distributor Univar Solutions Inc in an all-cash deal valued at $8.1 billion, including approximately $4 billion in debt from nine banks. The transaction includes a minority investment from a wholly owned subsidiary of the Abu Dhabi Investment Authority.

Shareholders of Downers Grove, IL-based Univar will receive $36.15 per share in cash, which represents a 20.6% premium from Monday’s closing price.

The transaction is expected to close in the second half of 2023 and Univar will continue to operate under its name and brand.

“We are pleased to have reached this agreement with Apollo, which will provide immediate and certain cash value for Univar Solutions shareholders,” said Chris Pappas, chairman of the Univar Solutions Board of Directors.

Last year, US hedge fund Engine Capital urged Univar Solutions to consider a sale or other strategic options. In January German chemicals distributor Brenntag ended takeover talks with Univar.

Goldman Sachs & Co. LLC and Deutsche Bank Securities Inc. are serving as financial advisors to Univar Solutions and Wachtell, Lipton, Rosen & Katz is serving as lead counsel to Univar Solutions. Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal counsel to the Apollo Funds.

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Inside The Story

Apollo Global ManagementUnivar Solutions Inc

About Joe Palmisano

Joe Palmisano is Editorial Director for Connect Money, where he brings nearly three decades experience of market insights as a financial journalist, analyst and senior portfolio manager for leading financial publications, advisory firms, and hedge funds. In his role as Editorial Director, Joe is responsible for the selection of content and creation of daily business news covering the financial markets, including Alternative Assets, Direct Investment and Financial Advisory services. Before joining Connect Money, Joe was a financial journalist for the Wall Street Journal, regularly publishing feature stories and trend pieces on the foreign exchange, global fixed income and equity markets. Joe parlayed his experience as a financial journalist into roles as a Senior Research Analyst and Portfolio Manager, writing daily and weekly market analysis and managing a FX and US equity portfolio. Joe was also a contributing writer for industry magazines and publications, including SFO Magazine and the CMT Association. Joe earned a B.S.B.A. in Finance from The American University. He holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.