Europe's second-largest private equity fund will purchase Univar, one of the world's biggest chemical distributors, in a deal worth $2.1 billion (€1.52 billion), Bloomberg reports. CVC Capital Partners will pay €53.50 per share, a nearly 40% premium over Friday's closing price, to acquire the largest chemical supplier in North America.
Although Univar is a Dutch company, its US penetration will offer CVC the name recognition it has long sought in American private equity, says the Wall Street Journal. CVC manages nearly $30 billion in private equity wealth but to this point has been largely a European player. Univar's stock jumped more than €14 on the news, rising to €53 in midmorning trading.