Funds advised by SK Capital Partners (SK Capital), a private investment firm focused on the specialty materials, chemicals and pharmaceuticals sectors, has entered into a definitive agreement with Huntsman Corporation (HUN) to purchase approximately 42.5 million of its shares in Venator Materials PLC for a cash purchase price of approximately USD100 million.
The deal includes a 30-month option for the purchase of the remaining approximately 9.5 million shares at a strike price of USD2.15 per share. The transaction is subject to regulatory approvals and is expected to close near year-end.
Barry Siadat, Co-Founder of SK Capital Partners, says: “We have had a long-term focus on the pigments industry and are delighted to have reached an agreement to purchase Huntsman’s remaining interest in Venator. We are also pleased to continue strengthening the relationship we’ve developed with Huntsman Corporation and its President, Chairman and CEO, Peter Huntsman. Huntsman is a clear leader in the global chemical industry, and we feel privileged to acquire their ownership position in Venator, which we view as a world class functional and specialty pigments business with a leadership position in titanium dioxide. We look forward to working with Simon Turner, CEO and President of Venator, and its board to support its growth and improvement.”
