Solvay in Spin-Off and Listing of Syensqo on Euronext Brussels and Paris

December 11, 2023

Cleary Gottlieb advised Solvay SA/NV (Solvay) on the spin-off of its Specialty activities to Syensqo.

The spin-off was completed on December 9, 2023, and Syensqo began trading on Euronext Brussels and Euronext Paris on December 11, 2023.

Prior to the spin-off of Syensqo, Solvay implemented a global reorganization and carve-out plan to separate its Specialty businesses from its Essential (New Solvay) businesses.

The separation was completed on December 9, 2023, by way of a partial demerger of Solvay under Belgian law whereby the Specialty activities of Solvay were spun off to Syensqo and Syensqo issued new shares directly to Solvay’s shareholders, pro rata to their shareholding in Solvay. On December 8, 2023, the extraordinary general meeting of Solvay approved the partial demerger by an overwhelming majority of 99.53% of the votes. This followed the receipt of tax rulings in key jurisdictions, including the United States, Belgium, and Italy.

The shares of Syensqo were admitted to trading and listing on Euronext Brussels and Euronext Paris and trading began on December 11, 2023, with an opening price of €90 per share, resulting in a market capitalization of €9.5 billion. It is the third largest-listing ever on Euronext Brussels.

The New Solvay, a pioneering chemical company with a legacy rooted in founder Ernest Solvay’s pivotal innovations in the soda ash process, is dedicated to delivering essential solutions globally.

Syensqo is one of the leading global pure play specialty chemical companies, with a unique portfolio of solutions aimed at addressing disruptive megatrends, including electrification, lightweighting, connectivity, and quality of life, while being at the heart of the transition towards a climate-neutral economy.