Huntsman has completed the sale of shares in Venator.
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6. Jan 2021 | Markets & Companies
Huntsman completes the sale of shares in Venator
Huntsman has completed the sale of approximately 42.4 million ordinary shares of Venator to funds advised by SK Capital Partners.
The company received approximately USD 100 million (EUR 81 million) in cash, which includes USD 8 million (EUR 6,5 million) for a 30-month option for the sale of the remaining approximate 9.7 million ordinary shares held by Huntsman at USD 2.15 (EUR 2.00) per share.
Together with immediate cash tax savings of approximately USD 150 million (EUR 122 million) from offsetting the capital loss on the sale of Venator shares against the capital gain realised on the sale of the company's chemical intermediates and surfactants businesses that closed in early January 2020, Huntsman secured an aggregate total related benefit of approximately USD 250 million (EUR 204 million) in cash 2020.
"Pleased to have completed this transaction before year end"
Peter Huntsman, CEO and Chairman, commented, "We are pleased to have completed this transaction before year end enabling us to reduce our current tax obligations by USD 150 million. Venator has a bright future as TiO2 markets strengthen and the business continues to improve. I am confident that SK Capital has the capacity to even further enhance Venator's prospects."
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