King & Spalding advises Dow on sale of 50 per cent ownership in DowAksa

King & Spalding represented Dow, one of the world’s leading materials science companies, on the sale and purchase agreement for the sale of its 50% interest in DowAksa Advanced Composites Holdings BV (DowAksa).

The stake is being sold to Aksa Akrilik Kimya Sanayii A.Ş. (Aksa), a company of Akkök Holding. Aksa is Dow’s current joint venture partner, holding the other 50 per cent interest in DowAksa. Dow’s proceeds from the sale are expected to be USD125m, which reflects, after accounting for debt, an enterprise value of approximately 10x the estimated 2025 operating EBITDA.

The King & Spalding team advising Dow included Simon Fraser, Matt Hartsuyker, Dan Feldman, Salome Cisnal de Ugarte, Jill Cooper, Eoin Coffey, Aaron Ohm, Michael Langan, Chris Travis and Lamya Al-Yazdi. Turkish firm Paksoy provided local law advice.