Petronas Chemicals Group Berhad (PCG) has announced on Thursday that it has entered into a Sale and Purchase Agreement (SPA) to acquire 100% of Da Vinci from its shareholders for $163 million (about RM 760.6 million).
Da Vinci’s shareholders include amongst others, funds managed by Bencis Capital Partner.
Petronas Chemicals said the full cash consideration for the acquisition would be subject to customary completion adjustments in its filing with Bursa Malaysia.
PCG recently announced its next growth chapter focusing on future strategic positioning of derivatives and specialty chemicals ventures. The acquisition is the first inorganic growth foray of PCG into specialty chemicals.
Elaborating on the acquisition, PCG Managing Director/Chief Executive Officer Datuk Sazali Hamzah said, “The acquisition is a strategic entry point for PCG’s specialty chemicals portfolio. The acquisition accelerates the realisation of PCG’s vision to create value by diversifying its product portfolio into differentiated and specialty chemicals.”
He added, “Da Vinci provides a compelling access into the growing silicones business. The acquisition enables PCG to enhance its competitive position in attractive end-markets such as personal care, construction, paints & coatings, electronics, automotive and healthcare, particularly in the Asia Pacific region.”
Da Vinci Group B.V. is a private-limited liability company, incorporated in the Netherlands with a global operations involving own-brand reselling, formulating and manufacturing of silicones, lube oil additives and chemicals.
Upon completion of the deal, Da Vinci will become a wholly-owned subsidiary of PCG.
Source: Petronas Chemicals
