30.7 billion yuan! The world's largest coating resin company has been acquired!

In just one week, another chemical M&A transaction with a transaction value of more than 30 billion yuan!

Private equity investor Advent announced that it has signed an agreement to sell industrial coating resin manufacturer Allnex to PTT Global Chemicals, a subsidiary of Thai National Petroleum Corporation, for 4 billion euros (approximately RMB 30.7 billion at the exchange rate of the day). Co., Ltd. (PTTGC). The transaction is expected to be completed in the fourth quarter of 2021, but still requires regulatory approval.

In 2013, Advent completed the acquisition of the amino resin business from Cytec and became an independent company. In 2016, the company acquired Nuplex, a resin manufacturer, to enhance its ability to enter emerging markets, thus forming the world's largest manufacturer of coating resins.

Allnex is a manufacturer of industrial coating resins. Its products are widely used in industries such as industry, metal, automobile and packaging, including powder resins, water-based industrial resins, curable resins, and cross-linked resins. Allnex has 33 production bases and 23 research and technical facilities around the world, with annual sales of approximately 2 billion euros.

The Asian coating resin market has strong growth potential. The two companies stated that the transaction will allow Allnex to gain more investment opportunities, achieve further expansion in emerging markets, and expand its influence in the Asia-Pacific region.

Since the beginning of this year, the high demand for chemical assets and the resulting increase in transaction valuations have attracted more private equity and corporate sellers, and M&A activities have continued to heat up.

On July 6th, BASF and private equity firm Kduri announced the sale of Solenis, a leading company in paper and water treatment chemicals, to the private equity firm Platinum Capital. The corporate value of Solenis in the transaction is US$5.25 billion (approximately RMB 34 billion), including approximately US$2.5 billion in net debt. The transaction is expected to be completed before the end of 2021.

In addition, Axalta Coating Systems will acquire U-POL Holdings Ltd. of the United Kingdom for 428 million pounds (approximately RMB 3.819 billion);

LyondellBasell acquired 100% of the shares of PolyPacific Polymers Sdn.Bhd. (PPM) in Malaysia;

ExxonMobil Chemical Company and Celanese (Celanese) signed an agreement to sell its global Santoprene business for US$1.15 billion;

Akzo Nobel will acquire Colombian paint company Grupo Orbis...

Global M&A activities in the second quarter of this year broke records for two consecutive quarters. Refinitiv data shows that in the three months ended June 30, the total value of M&A transactions announced worldwide reached US$1.5 trillion, not only the highest in history, but also 13 higher than the record set in the first quarter of this year. %.