BASF’s €1.3 Billion Acquisition of Solvay’s Polyamide Business

DLA Piper advised BASF on the transaction. Davis Polk and Wardwell advised Solvay on the transaction.

BASF is the largest chemical producer in the world. The company employs approximately 122,000 employees and offers a portfolio in the Chemicals, Materials, Industrial Solutions, Surface Technologies, Nutrition & Care and Agricultural Solutions segments. BASF generated sales of around EUR 63 billion in 2018. The company is listed on the stock exchange in Frankfurt (BAS), London (BFA) and Zurich (BAS).

Solvay S.A. is a multi-specialty chemical company headquartered in Belgium. The company currently employs around 27,000 employees in 62 countries. In 2018, Solvay’s net sales were EUR 10.3 billion.

The purchase price to be paid by BASF on a cash and debt-free basis would amount to €1.3 billion.

The acquisition enhances BASF’s portfolio with engineering plastics and expands the company’s position as a solution provider for the transportation, construction and consumer industries, among others. Regionally, the transaction improves access to key growth markets in Asia and South America.

At closing, approximately 700 Solvay employees will move to BASF.

The DLA Piper team was jointly led by partners Dr Benjamin Parameswaran (Picture) and Carlos Robles y Zepf (both Corporate/M&A). It also included partners Semin O, Dr. Jan Joachim Dreyer (both Antitrust) and Prof Dr Ludger Giesberts, counsel Dr Thilo Streit (both Litigation & Regulatory), senior associates Niklas Mangels, Dr Philipp Clemens (both Corporate/M&A), Dr Gregor Schroll and Dr Verena Pianka as well as associates David Klock (all Antitrust) and Sophie von Mandelsloh (Corporate/M&A). The German DLA Piper team was also supported by French colleagues from the Paris office that were led by Corporate partner Jeremy Scemama.

The in-house legal team of BASF for this transaction was led by Matt Lepore (Senior Vice President Legal) and Andreas Vosskamp (Director Legal).

Solvay was advised by Davis Polk and Wardwell’s Paris-based Corporate partner Jacques Naquet-Radiguet.

Involved fees earner: Jacques Naquet-Radiguet – Davis Polk & Wardwell; Philipp Clemens – DLA Piper; Jan Joachim Dreyer – DLA Piper; Ludger Giesberts – DLA Piper; David Klock – DLA Piper; Niklas Mangels – DLA Piper; Semin O – DLA Piper; Benjamin Parameswaran – DLA Piper; Verena Pianka – DLA Piper; Carlos Robles y Zepf – DLA Piper; Jeremy Scemama – DLA Piper; Gregor Schroll – DLA Piper; Thilo Streit – DLA Piper; Sophie von Mandelsloh – DLA Piper;

Law Firms: Davis Polk & Wardwell; DLA Piper;

Clients: BASF; Solvay;