Murugappa to buy Germany's Hubergroup; acquisition at an enterprise value of $310 million
Murugappa Group has signed a deal to acquire German specialty chemicals firm Hubergroup for an enterprise value of $310 million, a move that will help it expand in the global print and packaging sector.
The acquisition was finalised this week and will see Murugappa, along with investment firm Avenue Capital Group, take full ownership of Hubergroup from Cornelius Treuhand Holding, pending regulatory approval.
The transaction includes $160 million to refinance Hubergroup's debt and a $150-million equity infusion from Murugappa besides working capital, according to sources familiar with the matter.
The Murugappa Group did not immediately respond to requests for comment while Hubergroup could not be reached for comment.
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