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UK Chemical Firm Ineos To Buy Sika Assets

 |  January 16, 2023

British chemical firm Ineos is nearing a deal to buy assets being sold by Sika to appease antitrust regulators, Bloomberg News reported on Sunday.

In December, Sika and Germany-based MBCC Group received UK regulatory approval for their 4.5 billion pound ($5.50 billion) merger on the condition they sell a part of the business to address competition concerns.

The deal values the Swiss chemical firm’s admixture business at $750 million and could be announced as soon as Monday, the report said.

Related: UK Watchdog Requests Remedies For $5.1B Sika-MBCC Merger

Ineos beat private equity firms including Cinven, CVC Capital Partners and Clayton, Dubilier & Rice (CD&R), Bloomberg said.

Ineos, Sika and Cinven declined to comment when contacted by Reuters. CVC Capital Partners and Clayton, Dubilier & Rice did not immediately respond to Reuters’ requests for comment.