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DGAP-Ad-hoc: LANXESS Aktiengesellschaft / Key word(s): Strategic Company Decision/Joint Venture
Ad hoc according to Art. 17 paragraph 1 MMVO
LANXESS and Advent International establish a leading global joint venture for high-performance engineering polymers
Specialty chemicals company LANXESS and Advent International (“Advent”) are establishing a joint venture for engineering and high-performance polymers. LANXESS contributes its High Performance Materials (HPM) business unit which is valued at EUR 2.5 billion to the joint venture and will receive an initial payment of at least EUR 1.1 billion and a share of up to 40 percent in the future joint venture. Advent will hold at least 60 percent of the joint venture. LANXESS plans to use the proceeds for debt reduction and for a share buy-back in the amount of up to EUR 300 million. LANXESS will have the possibility to divest the remaining stake in the joint venture to Advent earliest after three years. An earnings-related multiplier (EBITDA multiple) has already been agreed for its valuation. The EBITDA could then be significantly higher than today, as Advent and LANXESS anticipate substantial synergies resulting from the combination of the two businesses by 2026. At the same time LANXESS and Advent signed an agreement to acquire the Engineering Materials business (DEM) from Dutch group Royal DSM, which will become part of the new joint venture. The purchase price is around EUR 3.7 billion and will be financed by the joint venture via equity from Advent and external debt. The business represents sales of around EUR 1.5 billion with an EBITDA margin of approximately 20 percent. DEM is one of the leading global suppliers high performance specialty materials that address key market needs in electronics, electrical and consumer goods. The transaction is still subject to approval by the relevant authorities. Closing is expected in the first half of 2023. Contact: André Simon LANXESS AG Head of Investor Relations Kennedyplatz 1 50569 Köln, Deutschland Telefon: +49 221 8885-3494 Fax: +49 221 8885-4944 E-Mail: andre.simon@lanxess.com
31-May-2022 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. |
| Language: | English |
| Company: | LANXESS Aktiengesellschaft |
| Kennedyplatz 1 | |
| 50569 Cologne | |
| Germany | |
| Phone: | +49 (0)221 8885-3494 |
| Fax: | +49 (0)221 8885-4944 |
| E-mail: | ir@lanxess.com |
| Internet: | www.lanxess.com |
| ISIN: | DE0005470405 |
| WKN: | 547040 |
| Indices: | MDAX |
| Listed: | Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange |
| EQS News ID: | 1364633 |
| End of Announcement | DGAP News Service |
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1364633 31-May-2022 CET/CEST
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