Squire Patton Boggs Advises Ashland Global Holdings Inc. on $1.65 Billion Sale

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A Squire Patton Boggs team advised long-time client Ashland Global Holdings Inc. (NYSE: ASH) in the sale of its performance adhesives business to specialty chemicals and advanced materials manufacturer Arkema in an all-cash transaction valued at approximately $1.65 billion or 20 times LTM EBITDA. The transaction is expected to close by the end of calendar year 2021, subject to receipt of regulatory approvals and satisfaction of other customary closing conditions.

Ashland expects net proceeds from the sale to total approximately $1.2 to $1.3 billion and the company will maintain strong capital allocation discipline using the proceeds to invest in the growth of core businesses as well as optimize its balance sheet and reward shareholders. Ashland's performance adhesives business has a portfolio of products that are well positioned in the market and valuable technologies with differentiating performance for customers across a variety of applications and markets.

The Squire Patton Boggs team was led by partner Jonathon Whittlesey and included Carolyn Buller, Laura Aber, Allen Kacenjar, Erik Lange, Janette Lucas, Chris Kelley, Oliver Geiss, James McKay, Tim Jarvis and others from our New York, Cleveland, London, Brussels and Birmingham offices.

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