Avient To Divest Distribution Business To H.I.G. Capital For $950 Mln Cash

(RTTNews) - Specialized materials firm Avient Corp. (AVNT) announced Friday it has entered into a definitive agreement to sell its Distribution business to an affiliate of H.I.G. Capital for $950 million in cash, subject to regulatory approval.

The company noted that after-tax proceeds of approximately $750 million from the sale will be used to pay down near-term maturing debt. The sale is subject to satisfaction of regulatory requirements and other customary closing conditions.

On April 20, 2022, the company announced it was exploring a sale of its Distribution business, while inking a deal to acquire the Protective Materials business of DSM.

The company expects the Distribution business will be classified as "held for sale" and reported as a discontinued operation in future filings.