S&R Associates is representing leading global chemical producer Solenis, a portfolio company of Platinum Equity, on a proposed USD4.6 billion merger with Nasdaq-listed Diversey Holdings.
Partners Sanjeev Adlakha and Prachi Goel led the S&R team assisting Solenis on the Indian legal aspects of the transaction. Associates Neethu Roy, Vyoma Mehta, Rishabh Jain and Aakriti Jalota assisted on corporate matters.
Simran Dhir, head of S&R’s competition practice, and associate Samali Verma advised on competition law issues, while partner Sumit Bansal, and associates Shivani Chhabra and Taranjeet Singh dealt with tax matters.
Solenis has entered into a definitive merger agreement with Diversey in an all-cash transaction valued at USD4.6 billion. The transaction is subject to regulatory approvals, but once the merger is completed, Diversey will become a private company.
Solenis CEO John Panichella will lead the combined company following the transition and integration.
Commenting on the merger, Phil Wieland, CEO of Diversey said, “The merger presents a unique opportunity to enhance value and create a more diversified business with increased scale, broader global reach, and superior customer service capabilities. It will enable the combined company to grow and provide a number of attractive cross-selling opportunities, including meeting increasing customer demand for water management, cleaning and hygiene solutions.”
Solenis is a leading global producer of specialty chemicals focused on delivering sustainable solutions for water-intensive industries, while Diversey is a Nasdaq-listed company in cleaning and hygiene products. Bain Capital, which invested in Diversey in 2017 and subsequently took the company public in 2021, is currently its largest shareholder.