Solenis, a specialty chemicals company serving water-intensive industries, wrapped up its $4.6 billion acquisition of Diversey Holdings, Ltd., a supplier of hygiene, infection prevention, and cleaning products to global pharmaceutical companies.
This acquisition comes amid a trend of smaller, more strategic M&A activity in the pharma sector during the second quarter of 2023. While the Solenis-Diversey deal bucks this trend in terms of deal size, it aligns with the strategic nature of recent acquisitions in the industry.
The merger creates a global firm specializing in integrated water and hygiene that operates in more than 130 countries with 71 sites and 15,000 employees.
Before the acquisition, Solenis already served a diverse number of industrial sectors, including pulp, paper, oil and gas, chemical processing, mining, biorefining, power and municipal markets.Solenis-Diversey deal could be harbinger of more chemicals sector M&A deals