Advent wins auction for Italian chemicals firm ICE: sources

| June 5, 2019

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LONDON/FRANKFURT (Reuters) - Private equity fund Advent has entered exclusive talks to buy Italian chemicals firm Industria Chimica Emiliana (ICE), two sources familiar with the matter told Reuters.
Advent trumped several rival buyout funds, including Bain Capital and Astorg, in an auction process, emerging as the preferred bidder for the 70-year-old firm, the sources said. The deal values ICE at about 600 million euros ($676.92 million), one of the sources added. The family-owned firm is a leading producer of bovine and swine bile derivatives for the pharmaceutical industry and has core earnings of about 60 million euros.

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