Solvay: Wienerberger Acquires Stake in Pipelife
Solvay, Brussels, Belgium, announced that they have signed a binding agreement for the sale of Solvay’s 50% stake in Pipelife, Vienna, Austria, suppliers of plastic pipe systems, to Wienerberger, Vienna, Austria. Solvay will receive EUR 172 million in cash for the shares, including a special dividend of EUR 10 million. For Solvay the deal represents an Enterprise Value of about EUR 257 million for its 50% stake when taking into account assumption of liabilities, including pensions and other debt-like items, for about EUR 85 million. The closing is expected in the second quarter of 2012, after obtaining the usual antitrust authorizations.
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