Schoenherr advises Ashland on sale of its global water technologies business

Schoenherr has advised Ashland on the Austrian aspects related to the sale of its global water technologies business to private equity fund Clayton, Dubilier & Rice (CD&R).

The transaction is valued at approximately $1.8bn (£1bn). As a result of this sale, Ashland intends to focus on its core speciality chemicals business.

Ashland specialises in providing chemical solutions to customers in a range of consumer and industrial markets in more than 100 countries. The company is listed on the New York Stock Exchange.

The Schoenherr team was led by partner Florian Kusznier (corporate/M&A) and further consisted of Tamara Gaggl and Manuel Ritt-Huemer (both associates, corporate/M&A) as well as Georg Adler (attorney, regulatory).

On Ashland’s side, the legal team was led by Cravath, Swaine & Moore and Squire Patton Boggs. Debevoise & Plimpton acted as lead counsel to CD&R.