Cinven Ltd has agreed to buy CeramTec for 1.49 billion euros ($1.99 billion), beating rival private equity firm BC Partners Ltd in bidding for the Germany-based industrial ceramics unit of US chemicals maker Rockwood Holdings. A statement issued on Sunday by Rockwood said Cinven had obtained fully committed financing for the deal, which was expected to close in the third quarter of this year once it obtained regulatory approvals.
Reuters reported on June 14 that Cinven was in exclusive talks to buy CeramTec for close to 1.5 billion euros, outbidding BC Partners' bid of just over 1.4 billion.
CeramTec is a leading manufacturer of high performance ceramics for applications in the medical, automotive, industrial and electronic markets.
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