Buyout shop Clayton, Dubilier & Rice has received regulatory approval from the European Union to buy a minority stake in Dutch company Univar, Reuters reported. The firm will take a 42.5% stake in the chemical company and gain joint control, Reuters said. The deal values Univar at $4.2 billion.
(Reuters) – Private equity firm Clayton, Dubilier & Rice secured European Union regulatory approval on Friday to buy a 42.5 percent stake in Dutch chemicals company Univar [UNIV.UL] and gain joint control.
CD&R unveiled the deal in September, which values Univar at $4.2 billion. It expects to close the transaction in the fourth quarter.
The European Commission, the EU competition watchdog, said: “After examining the operation, the Commission concluded that the transaction would not significantly impede effective competition in the European Economic Area (EEA) or any substantial part of it.”
Seller CVC Capital Partners [CVC.UL] had acquired the stake in 2007.
(Reporting by Pete Harrison)