Joins Aurelius, Aequita and Klesch in late stages of process
Special situations investor Flacks Group is among the bidders in the advanced stages of vying for Saudi Basic Industries Corporation’s (SABIC) European petrochemical assets, the sponsor confirmed to Mergermarket.
Michael Flacks, CEO of the US-based investment house, declined to comment on the bid’s finer details but confirmed that the Miami-headquartered firm has reached the final stages in the UK and Benelux sales processes.
Funds Aurelius and Aequita, as well as industrial group Klesch, are also among the contenders in the late stages of the process, according to sources familiar with the matter.
SABIC is working with Lazard and Goldman Sachs on the disposal and aims to complete the sale by the end of 2024, the sources said.
The assets generate an EBITDA of approximately USD 250 million, representing around 6x EBITDA at roughly USD 1.5 billion, according to one source.
The division delivers around USD 4 billion of EBITDA with a USD 6 billion (9x) EV-to-EBITDA multiple globally, the source added.
As reported, strategic players Dow, LyondellBasell, LanzaTech, and SABIC did not respond to requests for comment at the time of publication.
Source: Mergermarket
