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March 21 (Reuters) - WL Ross Holdings Corp WLRH.O said on
Monday it would buy chemicals and plastics distributor Nexeo
Solutions Holdings LLC from private equity firm TPG in a deal
valued at $1.67 billion.
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.
TPG purchased Nexeo for nearly $1 billion from U.S.
specialty-chemicals producer Ashland Inc ASH.N in 2011.
Nexeo, based in The Woodlands, Texas, supplies raw materials
used in a number of industries including chemical manufacturing,
oil and gas and healthcare.
The company has more than 2,400 employees in North America,
Europe and Asia and generated nearly $4 billion in annual sales
in its fiscal year ended September 2015.
WL Ross is a blank cheque company formed by billionaire
investor Wilbur Ross for acquisitions.