The subsidiary of the state energy firm Petronas in Malaysia, Petronas Chemicals Group, will acquire the Swedish specialty chemicals maker Perstorp Holding in a deal worth 2.3 billion euros.
The securities purchase agreement was signed last Saturday to acquire all shares in Perstorp from European private equity firm Financière Forêt S.à.r.l for 1.54 billion euros in cash and take on Perstorp’s existing debt of 762 million euros.
“Perstorp is an outstanding strategic fit for Petronas Chemicals and enables us to participate in attractive end-markets such as paints and coatings, construction, automotive, personal care and animal nutrition that share a robust growth outlook,” Mohd Yusri Mohamed Yusof, managing director and CEO of the Malaysian company, said in a statement.
Jan Secher, Perstorp’s president and CEO, highlighted advantages for the Swedish company, as reported in another release.
“By tapping into PCG’s strength and market leading position in the Asia Pacific region, we are confident that Perstorp can continue to develop into its next phase of growth,” Secher said.