Competition authorities clear high-performance engineering materials joint venture between Advent and LANXESS
Yesterday, India’s competition authority granted merger clearance for the planned joint venture for high-performance engineering materials by Advent International and specialty chemicals company LANXESS. Other relevant competition authorities approved the transaction in the course of last year and lately the EU Commission granted clearance on January 9, 2023. The transaction is therefore ready for closing which is now planned to take place no later than the beginning of April 2023.
Background on the Transaction
On May 31, 2022, Advent and LANXESS announced the envisaged establishment of an Advent controlled, leading global engineering materials joint venture company with sales of around EUR 3 billion, combining the DSM Engineering Materials business with LANXESS’ High Performance Materials business.
Forward-Looking Statements
This company release contains certain forward-looking statements, including assumptions, opinions, expectations and views of the company or cited from third party sources. Various known and unknown risks, uncertainties and other factors could cause the actual results, financial position, development or performance of LANXESS AG to differ materially from the estimations expressed or implied herein. LANXESS AG does not guarantee that the assumptions underlying such forward-looking statements are free from errors, nor does it accept any responsibility for the future accuracy of the opinions expressed in this presentation or the actual occurrence of the forecast developments. No representation or warranty (expressed or implied) is made as to, and no reliance should be placed on, any information, estimates, targets and opinions contained herein, and no liability whatsoever is accepted as to any errors, omissions or misstatements contained herein, and accordingly, no representative of LANXESS AG or any of its affiliated companies or any of such person's officers, directors or employees accepts any liability whatsoever arising directly or indirectly from the use of this document.
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