Buyout firms Rhone Capital and Triton have received approval from the European Union to proceed with the acquisition of German company Evonik‘s industrial carbon division ECB, Reuters reported Tuesday. The ECB division makes produces used in specialty pigments, and used to reinforce rubber used in tires and other products.
(Reuters) – Private equity firms Rhone Capital and Triton secured European Union approval on Tuesday to acquire German company Evonik’s [EVON.UL] industrial carbon division ECB.
The European Commission said the deal would not hinder competitors.
“The transaction would not significantly alter the structure of the market for carbon black as neither Rhone Capital nor Triton has any ownership interests in any business that manufactures or sells carbon black,” the Commission said in a statement.
Carbon black is used to make speciality pigments and to reinforce rubber used in tyres and mechanical rubber goods.
(Reporting by Foo Yun Chee, editing by Rex Merrifield)