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PRATTELN – Global specialty chemicals company Archroma has entered into an agreement to acquire the Textile Effects business from Huntsman Corporation, which was officially put up for sale at the end of 2021.

The total ‘enterprise value’ of the transaction is approximately US$718 million, and is being partially funded with preferred equity, of which Huntsman is taking up to US$80 million, an amount SK Capital Partners will seek to syndicate prior to the transaction closing.

The deal – set to complete in the first half of 2023 – is a significant one for the industry and will essentially merge two powerhouses of the dyeing, finishing and auxiliary textile chemical sector.

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