AstraZeneca Divests Specialties Business in a Management Buyout.

Chemical Market Reporter, May, 1999 by MILMO, SEAN

Cinven and Investcorp finance the deal jointly. ASTRAZENECA, the newly merged Anglo-Swedish life sciences company, has agreed to sell for [pounds]1.3 billion ($2.1 billion) the Zeneca specialty chemicals business to a management buyout financed jointly by the private equity companies Investcorp and Cinven.

The sale means that Zeneca Specialties' management team, led by chief executive Jeremy Scudamore, will for the first time be able to run the business as an independent operation. Analysts expect Investcorp and Cinven to consider floating the business or selling it to a third party after a period of around five years. Zeneca Specialties, originally the specialty chemicals operation of ICI before the Zeneca demerger seven years ago, had sales of...

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