The Company expects the transaction to close
around the middle of the third quarter of 2023
DOWNERS
GROVE, Ill., June 8, 2023
/PRNewswire/ -- Univar Solutions Inc. (NYSE: UNVR) ("Univar
Solutions" or the "Company"), a leading global solutions provider
to users of specialty ingredients and chemicals, today provided a
regulatory approval update for the Company's pending acquisition by
affiliates of funds managed by affiliates of Apollo (NYSE:
APO). Antitrust regulatory
approvals have now been received from the
United States (Hart–Scott–Rodino), Brazil, Canada, China, the European Union and Mexico. Additionally, the Company has received
foreign direct investment regulatory approval from Italy.
Univar Solutions Provides Regulatory
Approval Update
Pending regulatory approvals include antitrust approval in
Turkey and foreign direct
investment approvals from the United
States (the Committee on Foreign Investment in the United States), France and Spain.
"We are pleased with the regulatory approval progress for our
transaction with Apollo and look forward to completing the
transaction," said Chris Pappas,
chairman of the Univar Solutions Board of Directors.
Assuming timely satisfaction of necessary closing conditions,
the transaction is expected to close around the middle of the third
quarter of 2023.
About Univar Solutions
Univar Solutions (NYSE: UNVR)
is a leading global specialty chemical and ingredient distributor
representing a premier portfolio from the world's leading
producers. With the industry's largest private transportation fleet
and technical sales force, unparalleled logistics know-how, deep
market and regulatory knowledge, formulation and recipe
development, and leading digital tools, the Company is
well-positioned to offer tailored solutions and value-added
services to a wide range of markets, industries, and applications.
While fulfilling its purpose to help keep communities healthy, fed,
clean and safe, Univar Solutions is committed to helping customers
and suppliers innovate and focus on Growing Together. Learn more
at univarsolutions.com.
Forward-Looking Statements
This press release includes certain statements relating to
future events and our intentions, beliefs, expectations, and
outlook for the future, which are "forward-looking statements"
within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934, as amended,
including, without limitation, statements regarding, the Company's
market opportunities, strategic plan, business objectives, and
other initiatives, as well as statements regarding the expected
timing of the completion of the proposed acquisition of Univar
Solutions referred to in this press release and the ability of the
parties to consummate the proposed transaction. Forward-looking
statements are subject to known and unknown risks and
uncertainties, many of which may be beyond the Company's control.
These forward-looking statements are subject to risks and
uncertainties that could cause actual results to differ materially
from the expectations and assumptions. Potential factors that could
affect such forward-looking statements include, among others: that
a condition to the closing of the proposed transaction may not be
satisfied; the occurrence of any event that can give rise to
termination of the proposed transaction; the failure to obtain
certain required regulatory approvals or the failure to satisfy any
of the other closing conditions to the completion of the proposed
transaction within the expected timeframes or at all; management's
time and attention being diverted to issues related to the proposed
transaction; the Company's ability to meet expectations regarding
the timing and completion of the proposed transaction; disruption
from the proposed transaction making it more difficult to maintain
business, contractual and operational relationships; the
institution of legal proceedings against the Company or the other
parties to the proposed transaction and their affiliates related to
the proposed transaction; the Company becoming unable to retain or
hire key personnel due to the proposed transaction; the
announcement of the proposed transaction having a negative effect
on the market price of the Company's common stock or operating
results; certain restrictions during the pendency of the proposed
transaction that may impact the Company's ability to pursue certain
business opportunities or strategic transactions; the Company's
ability to meet expectations regarding the accounting and tax
treatments of the proposed transaction; economic conditions,
particularly fluctuations in industrial production and consumption
and the timing and extent of economic downturns; significant
changes in the business strategies of producers or in the
operations of our customers; delivery failures or hazards and risks
related to our operations and the hazardous materials we handle;
potential inability to obtain adequate insurance coverage;
increased competitive pressures, including as a result of
competitor consolidation; potential supply chain disruptions;
significant changes in the pricing, demand and availability of
chemicals; potential cybersecurity incidents, including security
breaches; our indebtedness, the restrictions imposed by, and costs
associated with, our debt instruments, and our ability to obtain
additional financing; the broad spectrum of laws and regulations
that we are subject to, including extensive environmental, health
and safety laws and regulations and changes in tax laws; an
inability to generate sufficient working capital; transportation
related challenges, including increases in transportation and fuel
costs, changes in our relationship with third party transportation
providers, and ability to attract and retain qualified drivers;
accidents, safety failures, environmental damage, and product
quality issues; ongoing litigation, potential product liability
claims and recalls, and other environmental, legal and regulatory
risks; challenges associated with international operations;
exposure to interest rate and currency fluctuations; an inability
to integrate the business and systems of companies we acquire,
including failure to realize the anticipated benefits of such
acquisitions; possible impairment of goodwill and intangible
assets; our ability to attract or retain a qualified and diverse
workforce; negative developments affecting our pension plans and
multi-employer pensions; labor disruptions associated with the
unionized portion of our workforce; our ability to execute on our
initiatives and goals related to environmental, social, and
governance ("ESG") matters and the increasing legal and regulatory
focus on ESG; the impacts resulting from the conflict in
Ukraine or related geopolitical
tensions; the ability of the Company to successfully recover from a
disaster or other business continuity problem due to a hurricane,
flood, earthquake, terrorist attack, war, conflict, pandemic,
security breach, cyber- attack, power loss, telecommunications
failure, or other natural or man-made event, including the ability
to function remotely during long-term disruptions such as the
COVID-19 pandemic; the impact of public health crises, such as
pandemics (including the COVID-19 pandemic) and epidemics and any
related Company or governmental policies and actions to protect the
health and safety of individuals or governmental policies or
actions to maintain the functioning of national or global economies
and markets, including any quarantine, "shelter in place," "stay at
home," workforce reduction, social distancing, shut down, or
similar actions and policies; actions by third parties, including
government agencies; and the other factors described in the
Company's filings with the SEC. For additional information
concerning factors that could cause actual results and events to
differ materially from those projected herein, please refer to the
Company's Annual Report on Form 10-K for the year ended
December 31, 2022, as well as other
documents filed by the Company with the SEC, including subsequent
Current Reports on Form 8-K and Quarterly Reports on Form 10-Q. In
addition, the Company discusses certain of these risks in greater
detail, and other risks associated with the proposed transaction,
in the definitive proxy statement filed with the SEC on
May 2, 2023. We caution you that the
forward-looking information presented in this press release is not
a guarantee of future events or results, and that actual events or
results may differ materially from those made in or suggested by
the forward-looking information contained in this press release. In
addition, forward-looking statements generally can be identified by
the use of forward-looking terminology such as "may," "plan,"
"seek, "will," "expect," "intend," "estimate," "anticipate,"
"believe" or "continue" or the negative thereof or variations
thereon or similar terminology. Any forward-looking information
presented herein is made only as of the date of this press release,
and the Company does not undertake any obligation to update or
revise any forward-looking information to reflect changes in
assumptions, the occurrence of unanticipated events, or otherwise,
except as required by law.
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SOURCE Univar Solutions Inc.