Belgium-based Solvay SA agreed to divest certain assets in Europe to Domo Chemicals, complying with its commitments to European regulators to obtain full clearance for the pending sale of its polyamide business to German chemical giant BASF SE.
Domo Chemicals will pay €300 million in cash for the deal, which is expected to be close by the end of the fourth quarter. The assets involved include Solvay's polyamide production sites in France, Poland and Spain.
The sale of those facilities to a third party was among the concessions offered by Solvay and BASF to allay competition concerns of the European Commission, which conditionally approved BASF's €1.6 billion acquisition of Solvay's polyamide business in January.
BASF's takeover of Solvay's polyamide business is expected to be completed by the end of 2019.