On March 31, 2011, Ashland Inc. announced that it has signed a definitive agreement to sell its global distribution business, known for many years as Ashland Distribution, to Nexeo Solutions, LLC, an affiliate of TPG Capital, for approximately $979 million in cash. The purchase price includes an adjustment for estimated closing net working capital, plus the assumption of certain specified liabilities. Cravath represented Ashland Inc. in this transaction.
The Cravath team included partner Susan Webster and associates Leigh M. Harlan, Y. Elizabeth Nie, Elnaz Shahgoli, Lola O. Ogunmefun on corporate matters; partner Stephen L. Gordon and associate Sonia Rodriguez on tax matters; partner Eric W. Hilfers and associates Lori Diamond Goodman and Kevin E. Manz on executive compensation and benefits matters; partner Jeffrey A. Smith and practice area attorney Annmarie M. Terraciano on environmental matters; and practice area attorney Robin C. Landis on antitrust matters. Joshua S. Goldman and Sulman A. Bhatti also worked on corporate matters.