Apollo Global to buy Univar in $8.1bn deal

US chemical company Univar Solutions said on Tuesday that it has agreed to be bought by Apollo Global Management in an all-cash $8.1bn deal.

Univar shareholders will receive $36.15 per share, which represents a 20.6% premium to the undisturbed closing stock price on 22 November.

Univar chairman Chris Pappas said: "We are pleased to have reached this agreement with Apollo, which will provide immediate and certain cash value for Univar Solutions shareholders.

"The board's decision follows a comprehensive review of value creation opportunities for Univar Solutions. We are confident this transaction is the right path forward and achieves our goal of maximising value for Univar Solutions shareholders."

The deal is expected to close in the second half of the year.

At 1210 GMT, Univar shares were up 13.7% in pre-market trade at $35.44.