GERMANY - CVC acquires Evonik stake for EUR 2.4bn
According to reports, CVC Capital Partners has acquired the 25.1 percent stake in diversified energy concern Evonik for EUR 2.4bn from RAG Stiftung, a deal which values the company at around EUR 9.6bn, far exceeding original expectations.
Evonik is a chemicals, energy and property concern headquartered in Essen. It employs around 43,000 people and generated sales of about EUR 14.4bn in 2007, with operating profits of EUR 1.35bn.
The acquisition is rumoured to be financed with 50 percent equity and 50 percent debt, underwritten by several German banks as well as Merrill Lynch.
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