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BASF SE has reached an agreement with Cognis Holding Luxembourg S.à r.l. (controlled by Permira Funds, GS Capital Partners and SV Life Sciences) to acquire Cognis for an equity purchase price of €700 million (approximately $860 million). Including net financial debt and pension obligations, the enterprise value of the transaction is €3.1 billion ($3.81 billion). The acquisition is subject to clearance by merger control authorities, and the transaction is expected to be completed by November 2010.
“With the acquisition of Cognis, we are strengthening our portfolio with cyclically robust and profitable businesses and further expanding our position as the world’s leading chemical company,” said Jürgen Hambrecht, Ph.D., chairman of BASF SE’s board of executive directors .
“With the support of our owners Permira Funds and CS Capital Partners, we have become a leading innovative supplier of specialty chemicals,” said Antonio Trius, Ph.D., Cognis’ CEO. “In particular, our focus on wellness and sustainability and our expertise in renewable raw material-based products have been our main success factors. We are convinced that there are excellent opportunities through combining the strengths of Cognis and BASF.”
For more information on Cognis, visit www.cognis.com. For more information on BASF, visit www.basf.com.