On March 14, 2023, Univar Solutions Inc. (NYSE: UNVR) was acquired by Apollo in an all-cash transaction valued at approximately US$8.1 billion (approximately CAD 10.9 billion at the time of the announcement). This acquisition included a minority investment from the Abu Dhabi Investment Authority (ADIA). Univar Solutions shareholders received $36.15 per share, reflecting a 20.6% premium over the company’s closing stock price on November 22, 2022, and a 33.6% premium over its 30-day volume-weighted average price.

The Univar Solutions Board of Directors, after a thorough review, unanimously approved the merger, recognizing it as the optimal path to maximize shareholder value. The transaction was financed through equity provided by Apollo Funds, ADIA’s minority investment, and a committed debt package. Following the acquisition, Univar Solutions was set to be delisted from the NYSE and operate privately under its existing name and brand.

Notably, Univar Solutions had a significant presence in Canada, where it offered a broad range of chemical distribution services across industries, including agriculture, food, pharmaceuticals, and industrial manufacturing through its subsidiary, Univar Solutions Canada.

Goldman Sachs & Co. LLC and Deutsche Bank Securities Inc. served as financial advisors to Univar Solutions, with legal counsel from Wachtell, Lipton, Rosen & Katz. Apollo received financial advice from J.P. Morgan Securities LLC and several other institutions, while Paul, Weiss, Rifkind, Wharton & Garrison LLP provided legal counsel. ADIA was advised by Cleary Gottlieb Steen & Hamilton LLP. The deal was expected to close in the second half of 2023, subject to customary regulatory approvals.