Kirkland & Ellis LLP is representing Citi as financial advisor to Ashland Global Holdings Inc. (NYSE: ASH) in its agreement to sell its Composites business and butanediol (BDO) manufacturing facility in Marl, Germany to INEOS Enterprises in a transaction valued at approximately $1.1 billion. Ashland’s Composites and Marl BDO facility have combined sales of more than $1.1 billion per year and approximately 1,300 employees. Privately owned INEOS is one of the world’s largest manufacturers of chemicals and oil products, with annual sales of $60 billion and approximately 20,000 employees. The transaction is expected to close prior to the end of the June 2019 quarter, contingent on certain customary regulatory approvals, standard closing conditions and completion of required employee information and consultation processes.
Read more at the company press release.
The Kirkland team includes corporate partners Michael Brueck and Keri Schick Norton and associate Tracy Ke.