(Tiper Stock Exchange) – DuPonta US giant active in the chemical sector, has signed a definitive agreement for the sale of an 80.1% stake in the Delrin business to private equity firm TJC in a transaction valued at $1.8 billion. The transaction is expected to close around the end of 2023.
Upon closing, DuPont will receive pre-tax cash proceeds of approximately $1.25 billion dollars, subject to customary transaction adjustments, a note receivable of $350 million and will own a 19.9% non-controlling equity interest in the Delrin business.
“Today’s announcement largely complements our anticipated exit from the former M&M segmentreinforcing our position as a leading multi-industry company – said CEO Ed Breen – This transaction is structured to maximize value for our shareholders, providing significant cash proceeds at closing to be applied in line with our strategic priorities, providing while the opportunity for DuPont to participate in the potential future upside in exiting our retained stake in the Delrin business.”
(Photo: © Veerasak Piyawatanakul)