Venator Materials PLC (Wynyard, U.K.) announced that funds advised by SK Capital Partners, L.P. have agreed to purchase approximately 42.5 million shares, representing just under 40% of Venator’s outstanding shares, from Huntsman Corp. (The Woodlands, Tex.) for a purchase price of approximately $100 million, including a 30-month option for the sale of Huntsman’s 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.
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.”