Ashland Inc has announced its agreement to sell Ashland Water Technologies to a fund managed by private investment firm Clayton, Dubilier & Rice in a deal valued at $1.8 Billion dollars.

Squire Sanders represented its long-time client Ashland in the deal. Our team was led by partner Carolyn Buller (corporate partner, Cleveland) and included Carl Draucker (benefits partner, Cleveland), Janette Lucas (L&E partner, London), Oliver Geiss (antitrust partner, Brussels) and Jonathan Whittlesey (corporate associate, Cleveland).

Cravath also served as legal advisor to Ashland and Citi was Ashland’s financial advisor.

Debevoise represented the buyers.