On Saturday, in a statement BASF’s construction chemicals business stated, Lone Star, a private equity firm has entered into a deal to acquire it for $3.5 billion (3.17 billion euros) on a cash and debt-free basis.

The deal, having immediate effect on BASF’s reporting, is expected to close in the third quarter of 2020, said the German company in a statement.

Incidentally, BASF’s construction chemicals business is the world’s largest biggest manufacturer of additives for concrete. It also offers a range of substances including concrete repair fillers, grouts and sealants under its Construction Systems business, where it is the fourth largest in the world.

In 2006, BASF had purchased the construction chemicals business from Degussa for 2.7 billion euros, including debt.

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Tags: additives, BASF, cash, concrete, construction chemicals business, Construction Systems, deal, debt free, Degussa, Lone Star, M&A, mergers and acquisition, private equity