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Ashland Inc sells distribution business for USD979m.

M2 EQUITYBITES-April 1, 2011-Ashland Inc sells distribution business for USD979m(C)2011 M2 COMMUNICATIONS

Speciality chemicals company Ashland Inc (NYSE:ASH) announced on Thursday that it has completed the sale of its global distribution business, Ashland Distribution, for approximately USD979m in cash.

The business was acquired by Nexeo Solutions LLC, an affiliate of TPG Capital.

The purchase price includes an adjustment for estimated closing net working capital, plus the assumption of certain specified liabilities. It is subject to post-closing adjustment for the difference between estimated and actual closing net working capital.

According to Ashland its distribution business generated revenues of USD3.4bn in fiscal year 2010.

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Publication:M2 EquityBites (EQB)
Date:Apr 1, 2011
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