After evaluating several different options and thoroughly reviewing prospective offers for the business, our Board of Directors decided that SK Capital would be a better owner of the business over the long-term than Huntsman and that the value they offered was in the best interests of our shareholders. "Over the past seven months, we have conducted a comprehensive strategic review of our Textile Effects division, including detailed discussions with a wide range of relevant parties. Peter Huntsman, Chairman, President, and CEO commented: The transaction is subject to regulatory approvals and other customary closing conditions and is expected to close in the first half of 2023. Huntsman intends to report Textile Effects as discontinued operations beginning in the third quarter of 2022. Huntsman anticipates cash taxes on the transaction of approximately $50 million. ![]() Over the last twelve months ending June 30, 2022, the Textile Effects division reported sales of $772 million and adjusted EBITDA of $94 million. ![]() The acquisition is being partially funded with preferred equity, of which Huntsman is taking up to $80 million, an amount SK Capital Partners will seek to syndicate prior to the transaction closing. The total enterprise value of the transaction is approximately $718 million, which includes the assumption of approximately $125 million in net underfunded pension liabilities as of December 31, 2021. Huntsman Corporation (NYSE: HUN) announced it has entered into a definitive agreement to sell its Textile Effects division to Archroma, a portfolio company of SK Capital Partners.
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