Venator Materials PLC (VNTR) Get $100 Million Investment from SK Capital

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Venator Materials PLC (VNTR) unveiled that it successfully negotiated stock purchase deal worth more than $100 million with funds advised by SK Capital Partners, L.P.

SK Capital will acquire nearly 42.5 million shares of Venator which makes 40% of its outstanding shares. Those shares have currently been owned by Huntsman Corporation. SK Capital will also be available with a 30-month option to get remaining shares owned by Huntsman. Number of those shares is around 9.5 million and those will be priced at $2.15 each. The transaction has to go through regulatory approvals and is likely to be concluded before end of this year.

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Simon Turner, President and CEO of Venator welcomed SK Capital inclusion in Venator as a key investor. SK Capital is a success story investing in chemical industry focusing a growth that could last longer, Turner said. He realized the deal as an indication of SK Capital’s confidence on Venator in exploring opportunities and their expectation that we could add value to the company for our shareholders, he added.

SK Capital is a New York-based investment firm that focuses on the pharmaceuticals, chemical and specialty materials sectors.

Earlier last month, Venator announced its Q2 2020 results for quarter ended June 30. Net loss attributable to the company was $19 million against prior year net income of $21 million. EBITDA after adjustments was $37 million which was $61 million in the same quarter a year ago.

The company at the time shared that sales volume of Titanium Dioxide (TiO2) declined by 16% compared to that of first quarter. A blow it gets because of the COVID-19 impact. However average pricing of TiO2 showed stability while comparing it with that of previous quarter and same quarter of prior year.

During the reported quarter, company also successfully completed an offering of senior secured notes. The notes are due 2025 which provided the company with an amount of nearly $225 million in aggregate.