Lone Star Reportedly In Talks For BASF Construction Unit
(RTTNews) - Private equity firm Lone Star Funds, owned by billionaire John Grayken, is in exclusive negotiations with German Chemicals giant BASF Group (BFA.L, BASFY.PK) to acquire its construction chemicals unit, reports said citing people with knowledge of the matter.
The deal, if successful, could value BASF construction chemicals business at about 3 billion euros or $3.3 billion.
Lone Star Funds reportedly trumped a consortium by Cinven and Bain Capital to enter negotiations.
With the planned sale, BASF expects to focus on more profitable operations.
In September, BASF agreed to sell its Ultrafiltration Membrane business to DuPont Safety & Construction, a division of DuPont.