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Brazil's Unipar to receive $80 million deal settlement from Belgium's Solvay

Brazil's Unipar to receive $80 million deal settlement from Belgium's Solvay
Brazil's Unipar to receive $80 million deal settlement from Belgium's Solvay   -   Copyright  Thomson Reuters 2021
By Reuters

SAOPAULO – Brazilian petrochemical company Unipar Carbocloro will receive $80 million in the fourth quarter after an agreement related to the acquisition of Indupa, the company said in a securities filing on Tuesday.

The settlement was reached with Belgium’s Solvay SA, which sold Solvay Indupa to Unipar in December 2016. The parties reached an agreement on some conditions of the sale contract on Tuesday, one source with knowledge of the matter said.

When the deal was closed, Indupa was valued at $202 million.

The $80 million payment will affect Unipar’s fourth-quarter earnings. The company will also prepay a $136 million debt owed by Indupa using proceeds of recent long-term debt the company issued, the source added.