British chemical firm Ineos is nearing a deal to buy assets being sold by Sika AG to appease antitrust regulators, Bloomberg News reported on Sunday, citing people familiar with the matter.
In December, Sika and Germany-based MBCC Group received UK regulatory approval for their 4.5 billion pound ($5.50 billion) merger on the condition they sell a part of the business to address competition concerns.
The deal values the Swiss chemical firm’s admixture business at $750 million and could be announced as soon as Monday, the report said.
Ineos beat private equity firms including Cinven, CVC Capital Partners and Clayton, Dubilier & Rice (CD&R), Bloomberg said.
Ineos, Sika and Cinven declined to comment when contacted by Reuters. CVC Capital Partners and Clayton, Dubilier & Rice did not immediately respond to Reuters’ requests for comment.
Source: Reuters.com