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Ashland to sell water unit to private equity for $1.8 billion

3:37 PM MST | February 24, 2014 | —Vincent Valk

O’Brien: Deal should raise Ashland’s margins. Ashland, on 18 February, agreed to sell its water technologies business, a supplier of water treatment and pulp and paper process chemicals, to private equity firm Clayton, Dubilier & Rice (CD&R; New York) for $1.8 billion, ending a months-long divestiture process. The deal will result in $1.4 billion in net after-tax proceeds to Ashland, of which $1.35 billion will go towards a new share repurchase program. Ashland’s water unit generates $1.7 billion/year in revenues, 67% of which is derived...

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