$285m PIDILITE buy of Huntsman India

Huntsman Corporation (NYSE: HUN) completed the sale of its India based Do-It-Yourself consumer adhesives business.

 

Huntsman Corporation (NYSE: HUN) completed the sale of its India based Do-It-Yourself consumer adhesives business, within its Advanced Materials division, to Pidilite Industries Ltd. – manufacturers of the popular Fevicol brand – in an all-cash transaction. Huntsman received pre-tax proceeds of approximately USD 257 million (Rs 2,100 crore) on 3 November 2020, excluding working capital and other adjustments. Under the terms of the agreement, Huntsman may receive up to approximately USD 28 million of additional cash under an earnout within 18 months if the business achieves sales revenue in-line with 2019, for a total value of up to USD 285 million, excluding working capital and other adjustments.  The total transaction value represents a 2019 adjusted EBITDA multiple of approximately 15 times.

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