Clariant sells three divisions for $550m
Clariant AG agreed to sell three businesses to SK Capital Partners for 502 million Swiss francs ($550 million) as the chemical maker divests assets a year before its own deadline to concentrate on more profitable units.
The price is 6.3 times estimated 2012 earnings before interest, taxes, amortisation and depreciation, Switzerland-based Clariant said in a statement.
The deal, part of a plan to sell five divisions by the end of 2013, is expected to be completed by late June, the company said. The stock rose to the highest in almost nine months.
“What is important is that they could sell all three as a unit, and pretty early too,” said Martin Schreiber, an analyst at Zuercher Kantonalbank.
“This is clearly a positive signal for the other business units to be sold.” – (Additional reporting: Bloomberg)