Cleary Gottlieb is representing Citigroup Global Markets Inc. as financial advisor to Ashland Global Holdings (Ashland) in its all-cash $1.65 billion sale of its performance adhesives unit to Arkema S.A. (Arkema).
The transaction was announced on August 31, 2021, and is expected to close by the end of calendar year 2021, subject to receipt of regulatory approvals and the satisfaction of customary closing conditions.
Ashland’s performance adhesives unit is a key player in pressure-sensitive adhesives in the United States, operating in high-growth applications, in particular in decorative, protection, and signage films for automotive and buildings.
Ashland is a premier specialty materials company serving customers in a wide range of consumer and industrial markets, including adhesives, architectural coatings, automotive, construction, energy, food and beverage, nutraceuticals, personal care, and pharmaceuticals.
Arkema is a specialty chemicals and advanced materials company headquartered in Colombes, France. Arkema was created when French oil major Total restructured its chemicals business, and today has a total of 144 production plants in Europe, North America, and Asia and the rest of the world.