BASF to Acquire Solvay’s Polyamide Business; Maintaining FVEs and Moat Ratings
BASF and Solvay have announced that they have entered into a binding agreement for BASF to acquire Solvay’s polyamide business for EUR 1.6 billion. The deal is expected to close in the third quarter of 2018, with Solvay expecting net cash proceeds of EUR 1.1 billion. We view this as a fair price for a relatively small transaction for both companies. Consequently, we are maintaining our fair value estimates and moat ratings for both companies. Narrow-moat BASF has a fair value estimate of EUR 78 ...
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