Huntsman Corporation has 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 $100 million, including a 30-month option for the sale of the remaining approximate 9.5 million shares it holds at $2.15 per share. The transaction is subject to regulatory approvals and is expected to close near year-end.

 

Together with estimated cash tax savings of approximately $150 million anticipated by offsetting the capital loss on the sale of Venator shares against the capital gain realized on the sale of our chemical intermediates and surfactants businesses that closed this year in January, we expect to secure an aggregate total benefit of approximately $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."

 

Simon Turner, President and CEO of Venator, stated, “I am excited to welcome SK Capital as a major investor in Venator. They have a successful track record of investing in the chemical industry with a focus on long term growth. We appreciate this vote of confidence by Barry Siadat and the SK Capital team in the opportunities ahead for Venator and expected value creation for our shareholders.”