Sika to sell selected MBCC Group admixture assets to Cinven
The British Competition and Markets Authority (CMA) has provided Sika with provisional negative feedback regarding Ineos Enterprises as a prospective buyer for the divestment of MBCC Group’s chemical admixtures assets in England, the USA, Canada, Europe, Australia, and New Zealand (“Disposal Perimeter”), due to competition concerns.
The disposal is part of the required remedy process for the approval of Sika’s acquisition of MBCC Group. The parties therefore agreed to terminate the contract, while Sika has agreed to sell the Disposal Perimeter to international private equity firm, Cinven. The CMA has already approved Cinven as a suitable buyer of the Disposal Perimeter. Financial and transaction parameters remain largely unchanged. This also applies to the timing for the closing of the divestment as well as the MBCC acquisition, which are expected to take place in the first half of 2023.
“Attractiveness of the chemical admixture business”
“The fact that we reached an agreement with Cinven without material changes underlines once more the attractiveness of the chemical admixture business. Cinven with its extensive expertise in this sector is an ideal partner for continuing the successful growth path of this business which in turn will create significant opportunities for MBCC employees”, said Thomas Hasler, CEO of Sika.
