MIDLAND (dpa-AFX) - Materials science company Dow Inc. (DOW) announced Monday that it has signed a sale and purchase agreement to sell its 50% interest in joint venture DowAksa Advanced Composites Holdings BV to JV partner Aksa Akrilik Kimya Sanayii A.S. for around $125 million.
Aksa Akrilik Kimya Sanayii, a company of Akkök Holding, holds the remaining 50 percent in the JV.
The sale is expected to close in the third quarter of 2025, subject to customary regulatory approvals and other closing conditions.
Dow's proceeds from the sale reflects, after accounting for debt, an enterprise value of approximately 10x the estimated 2025 operating EBITDA.
The proceeds from the transaction will be used to support the company's balanced capital allocation approach.
Dow said its decision to exit the joint venture, which was formed in 2012, is consistent with its best-owner mindset strategy of focusing on its core, high-value downstream businesses.
On the deal, BNP Paribas acted as exclusive financial advisor.
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