Brenntag plans to acquire Industrial Chemicals Distributor TAT Group in Singapore
Global chemical distributor Brenntag AG (Mülheim and er Ruhr, Germany) has announced that it has signed an agreement to acquire TAT Group (Singapore) from parent company SHS Holdings Limited [“SHS”], a company listed on the main board of the Singapore stock exchange.
TAT Group is a distributor of industrial chemicals, with activities in Singapore, South Korea, Hong Kong, Vietnam and Indonesia, Brenntag said in an announcement. The business, including a broad range of solvents, is expected to generate total sales of approximately EUR 145 mn in FY2015, according to the statement.
Closing of the transaction is expected in Q4-2015, subject to the approval of shareholders of SHS Holdings Limited and certain other closing conditions such as regulatory approvals
The transaction comprises SHS’ shares in Tat Petroleum Pte Ltd (“Tat Singapore”) and Axxmo International Pte Ltd, as well as PT Tat Petroleum Co. Ltd, a unit of Tat Singapore. SHS Holdings estimates the total cash consideration to be approx. EUR 67 mn (or SGD 100.288 mn).
Source: Brenntag press release, SHS Holdings press release and stock exchange filing
HGE – DCG / 28.09.2015