Parties
Company
Windsor Parent, L.P.
Company
Apollo Management X, L.P.
Company
Univar Solutions Inc.
Company
Univar Solutions Canada
Government
Abu Dhabi Investment Authority
On March 14, 2023, Univar Solutions Inc. (NYSE: UNVR) was acquired by Apollo in an all-cash transaction valued at approximately US$8.1 billion (approximately CAD 10.9 billion at the time of the announcement). This acquisition included a minority investment from the Abu Dhabi Investment Authority (ADIA). Univar Solutions shareholders received $36.15 per share, reflecting a 20.6% premium over the company’s closing stock price on November 22, 2022, and a 33.6% premium over its 30-day volume-weighted average price.
The Univar Solutions Board of Directors, after a thorough review, unanimously approved the merger, recognizing it as the optimal path to maximize shareholder value. The transaction was financed through equity provided by Apollo Funds, ADIA’s minority investment, and a committed debt package. Following the acquisition, Univar Solutions was set to be delisted from the NYSE and operate privately under its existing name and brand.
Notably, Univar Solutions had a significant presence in Canada, where it offered a broad range of chemical distribution services across industries, including agriculture, food, pharmaceuticals, and industrial manufacturing through its subsidiary, Univar Solutions Canada.
Goldman Sachs & Co. LLC and Deutsche Bank Securities Inc. served as financial advisors to Univar Solutions, with legal counsel from Wachtell, Lipton, Rosen & Katz. Apollo received financial advice from J.P. Morgan Securities LLC and several other institutions, while Paul, Weiss, Rifkind, Wharton & Garrison LLP provided legal counsel. ADIA was advised by Cleary Gottlieb Steen & Hamilton LLP. The deal was expected to close in the second half of 2023, subject to customary regulatory approvals.
Deal Type
Merger & AcquisitionIndustry
OtherTransaction
$ 10,900,000,000Deal Status
ClosedClosing Date
01 August 2023