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Chinese Firm Acquires BorsodChem from Private Equity Investors
12:04 PM MST | February 1, 2011 | Ian Young
Wanhua Industrial Group (Yantai, China) has acquired BorsodChem (Kazincbarcika, Hungary) in a deal that establishes Wanhua as a leading player in the global isocyanates market. Wanhua exercised a call option to increase its BorsodChem stake from 38%, to 96% for a reported €1.23 billion from private equity firms Permira and Vienna Capital Partners (VCP; Vienna). The remaining 4% is held by BorsodChem's creditors. Wanhua secured the call option as part of a financial restructuring of BorsodChem in June 2010. Wanhua bought the 38% stake, also from Permira and...
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