Shareholders receive $36.15 per share in cash
DOWNERS GROVE, Ill. and NEW YORK, Aug. 1, 2023 /PRNewswire/ -- Univar Solutions Inc. ("Univar Solutions" or the "Company") and Apollo (NYSE: APO) announced today that Apollo Funds has completed the previously announced acquisition of Company, which includes a minority investment from a wholly owned subsidiary of the Abu Dhabi Investment Authority. The Company will continue to operate under the Univar Solutions name and brand and maintain its global presence.
David Jukes, President and CEO of Univar Solutions, said: "The completion of this transaction begins the next chapter for Univar Solutions as we further enhance our position as the world's leading provider of chemical and ingredient solutions with greater flexibility to explore opportunities for growth for the benefit of customers, suppliers, employees and the industry alike I could not be more pleased to be in such an advantageous position due to our broad product offerings and enhanced presence in target growth end markets, customer experience award-winning client, leading digital tools, and an expanded set of service capabilities.
Apollo Private Equity Partner Sam Feinstein said, "We are excited to partner with David and the talented team at Univar Solutions to build on the company's strong foundation and track record of innovation, leveraging our extensive industry experience. We have a strong belief in Univar's potential and look forward to embarking on a number of exciting initiatives to help accelerate the growth of the company."
Details of the transaction
Pursuant to the terms of the transaction, an affiliate of Apollo Funds acquired all outstanding shares of Univar Solutions stock. Shareholders are entitled to receive $36.15 in cash for each share of Univar Solutions (UNVR) common stock they own. As a result of the completion of the transaction, Univar Solutions common stock is no longer listed on the New York Stock Exchange.
Paul, Weiss, Rifkind, Wharton
J.P. Morgan Securities LLC acted as lead financial advisor to Apollo. BMO Capital Markets, BNP Paribas Securities Corp., Credit Suisse, Guggenheim Securities, LLC, HSBC Securities (USA) Inc., Mizuho Securities USA LLC, RBC Capital Markets, LLC and Wells Fargo Securities, LLC acted as financial advisors to Apollo.
Cleary Gottlieb Steen
Forward-Looking Information and Statements
This release contains forward-looking statements as that term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act. of 1995. General statements can generally be identified by words such as "believes", "expects", "may", "will", "should", "could", "seeks", "intends", "plans", " estimates", "anticipates" or other comparable terms. All forward-looking statements made in this release are qualified by this cautionary language.
Forward-looking statements are subject to known and unknown risks and uncertainties, many of which may be beyond the control of the Company. Potential factors that could affect such forward-looking statements include, among others: general economic conditions, particularly fluctuations in industrial production and consumption and the timing and extent of economic downturns; significant changes in the commercial strategies of the producers or in the operations of the clients; increased competitive pressures, including as a result of the consolidation of competitors; potential supply chain disruptions; significant changes in the price, demand and availability of chemicals; potential cybersecurity incidents, including security breaches; the indebtedness of the Company, the restrictions imposed and the costs associated with its debt instruments and its ability to obtain additional financing; the broad spectrum of laws and regulations to which the Company is subject, including broad environmental, health and safety laws and regulations, and changes in tax laws; an inability to generate sufficient working capital; transportation-related challenges, including increases in transportation and fuel costs, changes in the Company's relationship with third-party transportation providers and the ability to attract and retain qualified drivers; accidents, safety breaches, environmental damage, product quality issues, delivery failures, or hazards and risks related to its operations and the hazardous materials it handles; possible inability to obtain adequate insurance coverage; ongoing litigation, claims and potential withdrawals from product liability and other environmental, legal and regulatory risks; challenges associated with international operations; exposure to interest rates and currency fluctuations; an inability to integrate the business and systems of the companies it acquires, including the inability to realize the anticipated benefits of such acquisitions; possible impairment of goodwill and intangible assets; its ability to attract or retain a skilled and diverse workforce; negative evolution of their pension plans and multi-employer pensions; labor disruptions associated with the unionized portion of your workforce; its ability to execute its initiatives and objectives related to environmental, social and governance ("ESG") matters and the increasing legal and regulatory focus on ESG; impacts resulting from the conflict in Ukraine or related geopolitical tensions; the Company's ability to successfully recover from a disaster or other business continuity issue due to a hurricane, flood, earthquake, terrorist attack, war, conflict, pandemic, security breach, cyber attack, power loss, telecommunications failure or other natural problem or man-made event, including the ability to function remotely during long-term disruptions, such as the COVID-19 pandemic; the impact of public health crises, such as pandemics (including the COVID-19 pandemic) and epidemics, and any related government or company policies and actions to protect the health and safety of individuals or government policies or actions to maintain the functioning of national or global economies and markets, including any quarantine, "shelter-in-place," "stay-at-home," workforce reduction, social distancing, lockdown, or similar actions and policies; actions of third parties, including government agencies; and the other factors described in the Company's filings with the SEC. For additional information on factors that could cause actual results and events to differ materially from those projected herein, please refer to the Company's most recent Annual Report on Form 10-K for the fiscal year ended December 31, 2022 and other documents filed by the Company with the SEC, including current subsequent reports on form 8-K and quarterly reports on form 10-Q. We caution you that forward-looking information presented in this release is not a guarantee of future events or results, and that actual events or results may differ materially from those made or suggested by the forward-looking information contained in this release.
All forward-looking statements represent the views of the Company only as of the date of this communication and should not be deemed to represent the views of the Company as of any later date, and the Company does not assume any obligation, except that required by law, to update any forward-looking statement.
About Univar Solutions
Univar Solutions is a leading global distributor of specialty chemicals and ingredients, representing a premier portfolio of the world's leading producers. With the largest private transportation fleet and technical sales force in the industry, unmatched logistics expertise, in-depth market and regulatory knowledge, formula and recipe development, and leading digital tools, the company is well positioned to deliver customized solutions. and value-added services to a wide range of markets, industries and applications. While fulfilling its purpose to help keep communities healthy, fed, clean and safe, Univar Solutions is committed to helping customers and suppliers innovate and focus on growing together. Learn more at univarsolutions.com.
Apollo is a global, high-growth alternative asset manager. In our asset management business, we seek to provide our clients with superior performance at every point of the risk-reward spectrum, from investment grade to private equity, with a focus on three investment strategies: yield, hybrid, and equity. . For more than three decades, our investment expertise through our fully integrated platform has met our clients' financial performance needs and provided companies with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solution provider for institutions. Our patient, creative and well-informed investment approach aligns our clients, the companies we invest in, our employees and the communities we impact, to expand opportunities and achieve positive results. As of March 31, 2023, Apollo had approximately $598 billion in assets under management. For more information, visit www.apollo.com.
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