Sika to buy Parex for 2.5B Swiss francs

Tuesday, 08. January 2019 08:13

Swiss chemicals company Sika AG announced on Tuesday it made a binding offer to purchase French mortar manufacturer ParexGroup SA from CVC Fund V in a deal worth 2.5 billion Swiss francs ($2.55 billion).

The transaction is still subject to regulatory approval and French works council consultation process. Sika noted it plans to secure financing the purchase by a bridge loan facility committed by UBS and Citi and expects to complete the acquisition in the second or third quarter of 2019.

"Parex is an excellent company with well recognized brands and an impressive performance track record. The businesses of Parex and Sika are highly complementary. Using Parex technologies as a growth platform in all our 101 countries and cross-selling of our products to the well established distribution channels of Parex will generate great profitable growth," Sika CEO Paul Schuler stated.

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Breaking the News / NP