Singapore sovereign wealth fund GIC has teamed up with private equity firm Carlyle to buy a chemicals business from Dutch multinational AkzoNobel.
The deal, which values the Speciality Chemicals business at €10.1 billion ($12.5 billion), is expected to close by the end of the year subject to regulatory approval.
As part of the transaction, the acquired business will split into two parts, one specialising in paints and coatings and the other in speciality chemicals.
“We delivered on our commitment to separate the Specialty Chemicals business and did so ahead of schedule,” said Thierry Vanlancker, chief executive of AkzoNobel.
GIC, which manages Singapore's foreign reserves, has more than $100 billion under management.
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