India’s competition authority has approved the merger license for Advent Capital and specialty chemicals company Lanxess’ planned high-performance engineered materials joint venture. Other relevant competition authorities approved the deal last year. The deal was recently approved by the European Commission on 9 January 2023. Therefore, the transaction is ready and scheduled to close by early April 2023.
Background of the transaction
On May 31, 2022, Advent Capital and Lanxess announced the envisioned establishment of a world-leading engineered materials joint venture controlled by Advent Capital, which would combine DSM Engineered Materials business with Lanxess High Performance Materials business, with sales of approximately to 3 billion euros.
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