British chemical firm Ineos nears deal to buy Sika assets
16 January, 2023
British chemical firm Ineos is nearing a deal to buy assets being sold by Sika AG to appease antitrust regulators, Bloomberg News reported on Sunday, citing people familiar with the matter.
In December, Sika and MBCC Group received UK competition watchdog's approvalfor their 4.5 billion pound ($5.50 billion) merger on the condition they sell a part of the business to address competition concerns.
The deal values the Swiss chemicals firm's admixture business at $750 million and could be announced as soon as Monday, the report said.
Ineos, who declined to comment on the report, beat private equity firms including Cinven, CVC Capital Partners and Clayton, Dubilier & Rice (CD&R), Bloomberg said.
($1 = 0.8179 pounds)