Major mergers and acquisitions in the chemical industry, with the transaction value reaching $12.7 billion!

Since the start of the year there has been no let-up in the pace of acquisitions or sales in the chemicals industry, despite the global economic climate. In March, the global chemicals industry saw two big mergers of more than $4bn in the space of a week, with a combined $12.7bn worth of deals.

Solis to buy Diversey for $4.6 billion

U.S. specialty chemicals maker Solenis announced on March 8 that it would buy Diversey in an all-cash deal of about $4.6 billion, which is expected to close in the second half of 2023.

Solis, headquartered in Wilmington, Delaware, is a specialty chemical manufacturer for water-intensive industries. It was acquired by Platinum Equity in 2021 and has 49 manufacturing facilities worldwide.

Diversey is a provider of hygiene, infection prevention and cleaning solutions headquartered in Fort Mill, South Carolina, USA.

Solis CEO John Panichella will lead the combined company after the transition and integration. "By combining these two complementary businesses to help customers solve core challenges such as water and energy management, working together on sustainability issues, we are committed to building a cleaner, safer world and reducing environmental impacts," Panichella said.

Apollo Fund to acquire Univale for $8.1 billion

On March 14, Univar Solutions, a U.S. distributor of specialty chemicals and ingredients, and Apollo Global Management announced that they had entered into a definitive merger agreement under which Apollo funds, managed by Apollo affiliates, will acquire Univar in an all-cash transaction valued at approximately $8.1 billion.

The agreement provides for Univale shareholders to receive $36.15 per share in cash. The transaction is expected to close in the second half of 2023. Uniwell Solutions will continue to operate under its original name and brand after the transaction.

As a distributor, Uniwell repackages, mixes, stores and ships chemicals for more than 100,000 customers. The company earned $545 million on sales of $11.5 billion in 2022. About two-thirds of those sales are in the United States.