Huntsman Corp. recently announced that it has completed the sale of approximately 42.4 million ordinary shares of Venator Materials PLC to funds advised by SK Capital Partners, LP. Huntsman received approximately $100 million in cash, which includes $8 million for a 30-month option for the sale of the remaining approximate 9.7 million ordinary shares held by Huntsman at $2.15 per share. Together with immediate cash tax savings of approximately $150 million from offsetting the capital loss on the sale of Venator shares against the capital gain realized on the sale of the chemical intermediates and surfactants businesses that closed in early January of this year, Huntsman secured an aggregate total related benefit of approximately $250 million in cash this year.
“We are pleased to have completed this transaction before year end enabling us to reduce our current tax obligations by $150 million,” said Peter Huntsman, CEO and chairman. “Venator has a bright future as TiO2 markets strengthen and the business continues to improve. I am confident that SK Capital has the capacity to even further enhance Venator’s prospects.”