WL Ross to buy chemicals distributor Nexeo from TPG: Reuters

(Reuters) — WL Ross Holdings Corp (WLRH.O) said on Monday it would buy chemicals and plastics distributor Nexeo Solutions Holdings LLC from private equity firm TPG in a deal valued at $1.67 billion.

The deal comprises up to 35 million shares of WL Ross common stock and $1.3 billion in cash and debt.

TPG will retain about 35 percent stake in Nexeo.

TPG purchased Nexeo for nearly $1 billion from U.S. specialty-chemicals producer Ashland Inc (ASH.N) in 2011.

Nexeo, based in The Woodlands, Texas, supplies raw materials used in a number of industries including chemical manufacturing, oil and gas and healthcare.

The company has more than 2,400 employees in North America, Europe and Asia and generated nearly $4 billion in annual sales in its fiscal year ended September 2015.

WL Ross is a blank check company formed by billionaire investor Wilbur Ross for acquisitions.