DLA Piper has advised the DAX company, BASF, on the planned acquisition of the integrated global Polyamides business of Solvay. A corresponding agreement was signed between the two groups on 18 September 2017. The purchase price on a cash and debt-free basis would amount 1.6 billion Euros.
According to applicable law, the intended transaction is subject to completion of relevant social procedures of Solvay, following which both companies will enter a binding purchase agreement. Solvay and BASF aim to close the transaction in the third quarter of 2018, after customary regulatory approvals have been obtained and the formal consent of a joint venture partner has been received. The partner has already committed to grant consent subject to and upon signing of the definitive documentation with BASF.
The acquisition would complement BASF’s engineering plastics portfolio and expand the company’s position as a solution provider for the transportation, construction, industrial applications and consumer industries. Regionally, the transaction would enhance access to key growth markets in Asia and South America.
For the full year 2016, net sales of the business to be purchased amounted to 1,315 million Euros and EBITDA to 200 million Euros. It has approximately 2,400 employees globally. In 12 countries, it operates 12 production sites, four R&D locations and 10 technical support centers. The business would be integrated into BASF’s Performance Materials and Monomers divisions.
BASF is the largest chemical producer in the world. The company employs approximately 114,000 employees and offers a portfolio in the Chemicals, Performance Products, Functional Materials & Solutions, Agricultural Solutions and Oil & Gas segments. BASF achieved sales of around 58 billion Euros in 2016. The company is listed on the stock exchange in Frankfurt (BAS), London (BFA) and Zurich (BAS).
Solvay S.A. is a multi-specialty chemical company with headquarter in Belgium. The company currently employs around 27,000 employees in 58 countries. Solvay’s net sales were 10.9 billion Euros in 2016.
At DLA Piper, Dr Benjamin Parameswaran (Corporate, Hamburg) and counsel Carlos Robles y Zepf led the transaction globally. The core team comprised senior associate Niklas Mangels (Frankfurt) and associate Diedrich Schroeder (Hamburg, all Corporate). In addition, partners Dr Thilo von Bodungen (Commercial, Munich), Dr Jan Joachim Dreyer (Antitrust, Cologne), Dr Michael Holzhaeuser (Antitrust), Dr Konrad Rohde (Tax, both Frankfurt), Dr Ludger Giesberts, Dr Christian Schneider (both Litigation & Regulatory, Cologne), Dr Burkhard Fuehrmeyer (IPT, Frankfurt), Dr Kai Bodenstedt (Employment, Hamburg) and Dr Marco Arteaga (Pensions, both Frankfurt), counsels Dr Susanne Weckbach, Silke Goschler (both Commercial, Munich), Dr Fabian Klein (Frankfurt), Dr Annemarie Bloß (both IPT), Dr Henriette Norda (Employment, both Hamburg), Dr Thilo Streit (Litigation & Regulatory, Cologne) Semin O (Antitrust, Frankfurt), Cristina Helena Villafrade and Sebastian Decker (both Corporate, Hamburg), senior associates Kristin Vogt (Frankfurt), Philipp Clemens (Hamburg, both Corporate), Dr Verena Pianka, Dr Gregor Schroll (both Antitrust, Cologne), Olga Blaszcyk (Commercial, Munich), Andreas Keller (Litigation & Regulatory, Cologne) and Dr Dennis Lepczyk (Real Estate, Frankfurt), as well as associates Dr Michael Gayger, Spela Kastelec, Dr Anna Lotte Boettcher (all Litigation & Regulatory, Cologne), David Klock, Matthias Siemes (both Litigation & Regulatory, Frankfurt) and transaction lawyer Konstantin Decker-Horz (Real Estate, Frankfurt) were part of the team. Further, partners Cendrine Delivré, Frédérik Azoulay, Edouard Sarrazin, Pascal Martin (all Litigation & Regulatory), Jeremy Scemama (Corporate), Eric Villateau (Finance & Projects), Lionel Rosenfeld (Real Estate), Philippe Danesi (Employment, all Paris), Dr Bertold Baer-Bouyssiere (Litigation & Regulatory, Brussels), Koen Selleslags (Corporate, Antwerp), Andreas Gunst (Finance & Projects, Vienna), Claudio d' Agostino (Corporate, Shanghai), Jose Sanchez-Dafos (Corporate), Diego Ramos (IPT, both Madrid), Krzysztof Wiater (Corporate, Warsaw) and Paolo Morante (Litigation, New York) with their respective teams were part of the international group.
In addition, the international team was supported by the Relationship Firms Campos Mello Advogados (Brasil), Cyril Amarchand Mangaldas (India) and LOGOS LAW (South Korea).
