Ashland’s $1.65 Billion Sale of its Performance Adhesive Business to Arkema

On August 31, 2021, Ashland Global Holdings Inc. (“Ashland”), a specialty materials company that services customers in a wide range of consumer and industrial markets, announced that its wholly owned subsidiary, Ashland LLC, has signed a definitive agreement to sell its performance adhesives business to Arkema in an all‑cash transaction valued at approximately $1.65 billion. Cravath is representing Ashland in connection with the transaction.

The Cravath team is led by partner Thomas E. Dunn and includes associates Jin‑Kyu Baek, Alexandra J. Valicenti and Gene Choi on M&A matters; partner C. Daniel Haaren on financing matters; partner Lauren Angelilli, senior attorney Andrew Carlon, and associates Rebecca L. Fine and Sonia Katharani‑Khan on tax matters; partner Julie A. North and practice area attorney Kate F. Stamell on antitrust matters; partner Eric W. Hilfers, practice area attorney Sarah W. Colangelo and associate David Crampton on executive compensation and benefits matters; partner David J. Kappos and associates Christopher P. Davis and Carys J. Webb on intellectual property matters; senior attorney Joyce Law and practice area attorney Laurel R. Berkowitz on real estate matters; and senior attorney Annmarie M. Terraciano on environmental matters. Jason O. Rooindej also worked on M&A matters.