Cleary Gottlieb is advising SK Global Chemical in its proposed acquisition of Arkema’s functional polyolefin business, comprising ethylene copolymers and terpo lymers for the food packaging, cable, electronics, and coatings markets and brands such as Evatane, Lotryl, Lotader, and Overac.
The transaction is subject to an information and consultation process involving Arkema’s employee representative bodies and various antitrust approvals.
The transaction values the functional polyolefin business at an enterprise value of €335 million.
Arkema is a French-based global designer of material and innovative solutions spanning high performance materials, industrial specialties, and coating solutions, with revenues of €8.8 billion in 2018.
SK Global Chemical is a Korean-based general energy and chemical leader in the global market, with revenues of ₩13.506 trillion in 2018.