Avient to sell its distribution business for $950 million in cash, after ‘competitive’ sale process
Avient Corp.
AVNT,
announced Friday a deal to sell its distribution business for $950 million in cash to an affiliate of private equity firm H.I.G. Capital. The polymer materials and liquid colorants company said it will use the after-tax proceeds, which are expected to be about $750 million, to pay down near-term maturing debt. The agreement comes after the company had announced in April that it was exploring a sale of the business. “As expected, there were multiple buyers interested in acquiring the Distribution business, and it was a competitive process,” said Avient Chief Executive Robert Patterson. The stock, which was still inactive in premarket trading, has slipped 2.4% over the past three months, while the S&P 500
SPX,
has gained 7.1%.
