Wilbur Ross to Buy Nexeo for $1.6B

Industries Reuters

WL Ross Holdings said it would buy chemicals and plastics distributor Nexeo Solutions Holdings from private equity firm TPG in a cash-and-stock deal valued at $1.67 billion.

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The deal comprises up to 35 million shares of WL Ross common stock and $1.3 billion in cash and debt.

TPG will retain about 35 percent stake in Nexeo.

(Reporting by Amrutha Gayathri in Bengaluru; Editing by Sriraj Kalluvila)