LANXESS India to acquire chemical business of Gwalior Chemical Industries

Tue. June 09, 2009; Posted: 02:20 PM

Jun 09, 2009 (Datamonitor Financial Deals Tracker via COMTEX) -- LNXSF | Quote | Chart | News | PowerRating -- LANXESS AG, through its India-based subsidiary LANXESS India Private, Ltd., has entered into a definitive agreement to acquire the chemical businesses and assets of Gwalior Chemical Industries, Ltd. for EUR82.4 million on cash and debt free basis.

LANXESS is a Germany-based chemical company, while Gwalior Chemical is an India-based producer of specialty chemical products.

LANXESS India is a manufacturer of leather chemicals and material protection products.

The acquisition will be financed through existing resources. The closing is expected at the end of the third quarter of 2009.

Rumor (January 28, 2009):

According to Reuters, LANXESS is planning to acquire Gwalior Chemical.

PricewaterhouseCoopers Corporate Finance, Inc. is acting as exclusive financial advisor and Wadia Ghandy & Co. as legal advisor to Gwalior Chemical on this transaction.

Deal Value (US$ Million) 115.14
Deal Type                Acquisition
Sub-Category             Asset Purchase
Deal Status              Announced: 2009-06-08

Deal Participants

Target (Company)   Gwalior Chemical Industries Limited - Chemical Businesses and Assets
Acquirer (Company) LANXESS India Private, Ltd.
Vendor (Company)   Gwalior Chemical Industries Limited

Deal Rationale

The acquisition of chemical business would complement to the portfolio of LANXESS Basic Chemicals business unit, strengthening its production base in this market.

For full details for LNXSF click here.

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