Wanhua Industrial Group has acquired full control of Hungarian peer, BorsodChem,
The Wall Street Journal reports. The Chinese isocyanate producer, which exercised a call option for the acquisition, paid a total of €1.23 billion for the transaction.
Wanhua bought the BorsodChem stake from U.K. private equity company, Permira and Austrian venture capital firm, VCP Capital Partners. Wanhua has raised its stake in BorsodChem from 38% to 96%. The remaining 4% is held by BorsodChem’s creditors.
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