London (GC Intelligence) — Evonik signed an agreement to sell its methacrylates business to private equity company Advent International, according to a company press release.
The €3bn transaction is subject to approval by authorities and is expected to be finalised in the third quarter of 2019.
The deal includes the Methacrylates and Acrylic products businesses. The transaction also includes the CyPlus businesses, a wholly owned subsidiary company that produces cyanide.
The company noted the sale proceeds will also go towards funding the $625m purchase of PeroxyChem, a US company, and the building of a new polyamide 12 plant in Marl, Germany.