Huntsman: Sale of remaining interest in Venator to SK Capital

On 28 August 2020, Huntsman announced that it has entered into a definitive agreement with funds advised by SK Capital Partners, LP to sell approximately 42.5 million of the shares it holds in Venator Materials PLC for a cash purchase price of approximately USD 100 million, including a 30-month option for the sale of the remaining approximate 9.5 million shares it holds at USD 2.15 per share. The transaction is subject to regulatory approvals and is expected to close near year-end 2020.

Huntsman said that together with estimated cash tax savings of approximately USD 150 million anticipated by offsetting the capital loss on the sale of Venator shares against the capital gain realized on the sale of its chemical intermediates and surfactants businesses that closed in January 2020, the company expects to secure an aggregate total benefit of approximately USD 250 million in cash near year end.

Peter Huntsman, Chairman, President and CEO, further commented, "I am pleased to have reached an agreement to sell our remaining interest in Venator to SK Capital. We enjoy an ongoing relationship with SK Capital and their co-founder Barry Siadat. They are a great owner and operator of businesses and we are pleased for them to acquire Huntsman's stake in Venator, a world class functional and specialty TiO₂ business. The proceeds to be received will further bolster our balance sheet and only enhance our flexibility for further growth."

www.huntsman.com
www.skcapitalpartners.com
www.venatorcorp.com