Dow Inc. (Midland, Mich.) announced that it has signed a sale and purchase agreement to sell its 50% interest in DowAksa Advanced Composites Holdings BV (DowAksa) to Turkish chemicals firm Aksa Akrilik Kimya Sanayii A.Ş., a company of Akkök Holding. Aksa Aksa Akrilik Kimya Sanayii A.Ş., the other 50% joint venture partner, has agreed to acquire Dow’s 50% interest. Dow’s proceeds from the sale are expected to be $125 million, which reflects, after accounting for debt, an enterprise value of approximately 10x the estimated 2025 operating EBITDA. Dow also recently completed the sale of its soil fumigation business line, and a significant portion of its Gulf Coast infrastructure assets.
Dow’s decision to exit the DowAksa joint venture, which was formed in 2012, is consistent with Dow’s best-owner mindset strategy of focusing on its core, high-value downstream businesses. The proceeds from the transaction will be used to support the Company’s balanced capital allocation approach.
The DowAksa sale is expected to close in the third quarter of 2025, subject to customary regulatory approvals and other closing conditions.
BNP Paribas acted as exclusive financial advisor to Dow on this transaction.