Dow announced the completion of the sale of a 40% equity stake in Diamond Infrastructure Solutions, a dedicated infrastructure company with select U.S. Gulf Coast infrastructure assets, to a fund managed by Macquarie Asset Management, a leading global infrastructure and energy asset manager.

"This growth-focused transaction to create a new infrastructure business entity represents a strategic partnership between Dow and Macquarie Asset Management that has been several years in the making," said Jim Fitterling, chair and chief executive officer of Dow. "With key assets strategically placed across the U.S. Gulf Coast, Diamond Infrastructure Solutions will provide safe and reliable operations for its existing customers while focusing on customer growth."

Dow has received initial cash proceeds of approximately $2.4 billion from the sale of a 40% minority equity stake. Macquarie Asset Management has the option to increase its equity share to 49% within six months of closing for an additional approximately $600 million – which would increase total cash proceeds to approximately $3 billion for Dow in 2025 if exercised.

Diamond Infrastructure Solutions (Diamond) was stood up by Dow in 2023 and announced in December 2024 as a dedicated infrastructure company to focus on operational efficiencies and new customer acquisition. Over the last several months, the Diamond leadership team has progressed a comprehensive growth strategy, focusing on several key areas to ensure Diamond's success including a strong focus on safety, employee alignment, and proactive engagement with new customers.

Dow will maintain control as the majority owner of Diamond to ensure the safety and reliability of its U.S. Gulf Coast operations. Profitable growth for Diamond is expected to benefit both Dow and Macquarie Asset Management's future bottom-line results.

This transaction is another step in Dow's continued actions to unlock value from non-product producing assets and improve balance sheet effectiveness across its global portfolio.

Citi and Goldman Sachs acted as financial advisors to Dow, and Linklaters provided legal support.