Univar Solutions and Apollo Funds finalise acquisition deal

Univar Solutions Inc., a global specialty chemical and ingredient distributor based in Downers Grove, Illinois, U.S.A., and Apollo Funds, a high-growth, global alternative asset manager based in New York City, New York, U.S.A., have announced the completion of their previously disclosed acquisition deal valued at USD8.1 billion.

Univar Solutions will continue to operate under its current name and brand, maintaining its global presence.

Univar Solutions announced on March 14, 2023 that funds managed by affiliates of private equity investment firm Apollo have entered into a definitive merger agreement to acquire the company in an all-cash transaction. The announcement followed Brenntag’s recent move to end discussions with Univar Solutions about a potential takeover.

The transaction includes a minority investment from a wholly owned subsidiary of the Abu Dhabi Investment Authority, a globally-diversified investment institution that invests funds on behalf of the Government of Abu Dhabi.

As part of the agreement, an affiliate of the Apollo Funds acquired all of the outstanding shares of Univar Solutions stock. Shareholders are entitled to receive USD36.15 in cash for each share of Univar Solutions common stock owned. Consequently, Univar Solutions’ common stock has ceased trading on the New York Stock Exchange.

David Jukes, president and chief executive officer of Univar Solutions, expressed enthusiasm about the next phase for Univar Solutions. He highlighted the company’s broad product offering, award-winning customer experience, leading digital tools, and expanded suite of service capabilities as key advantages. 

Sam Feinstein, Apollo Private Equity partner, also expressed excitement about partnering with Univar Solutions. He emphasised Apollo’s strong belief in Univar’s potential and looked forward to launching exciting initiatives to accelerate the company’s growth.

The transaction was facilitated by a team of financial advisors and legal counsels. Goldman Sachs & Co. LLC and Deutsche Bank Securities Inc. served as financial advisors to Univar Solutions, while Wachtell, Lipton, Rosen & Katz served as lead counsel. Apollo Funds received legal counsel from Paul, Weiss, Rifkind, Wharton & Garrison LLP.