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

Reuters
Updated ·1 min read
FILE PHOTO: Sculpture depicting the logo of Belgian chemical group Solvay is seen at its headquarters in Brussels

SAO PAULO (Reuters) - 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.

(Reporting by Tatiana Bautzer; Editing by Brad Haynes and Dan Grebler)