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Monday, April 15, 2024

Clifford advises DSM on €1.44bn business unit sale to Avient

A Clifford Chance cross-border team has advised Royal DSM, a global purpose-led science-based company, on its agreement to sell its Protective Materials business to Avient Corporation for an enterprise value of €1.44 billion, with the buyer represented by Jones Day

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The transaction includes all of DSM’s Protective Materials activities, chiefly consisting of Dyneema, the world’s strongest fiber, and follows DSM’s announcement that it was reviewing strategic options in September 2021. The business represented €335 million of DSM’s total annual net sales and €105 million of DSM’s total EBITDA for 2021. DSM expects to receive €1.33 billion net in cash following closing, after transaction costs and capital gains tax.

The transaction will create a business with considerable growth synergies that will benefit customers as well as employees of DSM Protective Materials as Avient helps the business deliver on its outstanding potential. Completion of the transaction, which is subject to the customary conditions and approvals, is expected in H2, 2022.

 “Dyneema’s discovery by DSM scientists in the 1960s has resulted in a great business and a brand that is leading the development of ultra-strong bio-based and circular materials. This agreement is a testimony to the contribution of employees worldwide over the decades. The transaction is strategically attractive for all parties and in line with our accelerated journey towards becoming a focused Health, Nutrition & Bioscience company. We know Avient will be a good owner of this business, for the colleagues working there and for the benefit of customers around the world.”

Geraldine Matchett and Dimitri de Vreeze, Co-CEOs of Royal DSM

The Clifford Chance cross-border team was led out of Amsterdam by M&A partner Gregory Crookes and the core team consisted of Hansuya Reddy, Pieter Leefers, Sabine van den Heuvel, Helen Liefting, Shaun Campbell and Sarah van Eijk. The wider team consisted of lawyers from the Amsterdam, New York, Washington, Tokyo, Shangai, Hong Kong and Madrid offices.

Clifford Chance Madrid advised with Antitrust counsel Begoña Barrantes.

Avient was advised by Jones Day US with partner Benjamin Stulberg, practice leader James Dougherty and associate Brian Grady.

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