According to a Bloomberg report, the Omani state-owned OQ is preparing a preparing a sales process for its subsidiary, the German oxo alcohols producer OQ Chemicals. Neither the company nor the putative lead adviser, Rothschild & Co., has commented.

OQ Chemicals has, however, confirmed a report that some of its main lenders had agreed to provide €75 million in bridge financing. A group of lenders have also agreed to extend the maturities of €1.1 billion equivalent of debt, some of which was due to be paid in October.

Private equity investor Advent International has completed the acquisition of 50.1% stake in Indian CDMO Suven Pharma for $5.95/share, as originally agreed in December 2022. This will shortly trigger an open offer for the remaining 26% not being retained by the founding Jasti family. The move follows approval by the Cabinet Committee on Economic Affairs in August.

The merger between speciality chemicals distribution firms Caldic and Connell has been closed, creating a new global player with sales of €3 billion/year, 3,500 FTE employees and a presence in 43 countries. It will be mainly active in the food, (bio)pharma, personal care and industrial formulations markets.

“The strong regional presence of Connell helps Caldic to create a unique global growth platform with substantial footholds in two high-growth regions, in Asia-Pacific and Latin America, following the merger with GTM last year,” Caldic said.

Caldic, the Netherlands-based distributor of life sciences and speciality chemicals, is to merge with Connell of the US, following an agreement by their respective owners, Advent International and Wilbur-Ellis. This should close in Q1 2023, subject to customary conditions and regulatory approvals. Terms were not disclosed and the companies will remain privately owned.

Advent International, one of the world’s largest private equity investors, has agreed to buy Netherlands-based distributor Caldic from Goldman Sachs Asset Management in a deal that should close in 1H 2022. Terms were not disclosed.

Caldic is active in life sciences and speciality chemicals, employing around 1,200 people across 35 sites in Europe, North America and the Asia-Pacific and turning over about €1 billion in 2020. Advent intends to merge it with its existing operation Grupo Transmerquim (GTM), one of only two chemical distributors to cover the whole of Latin America.