Following the submission of a binding offer in mid-December, Mutares completed the transaction in the context of financial difficulties affecting the Venator Group globally. To secure the transaction, Venator France had filed for the opening of safeguard proceedings before the Lille Commercial Court. The acquisition preserves 110 jobs and ensures the continuation of pigment production activities in France. Completion of the transaction required reaching an agreement with creditors to obtain the release of existing security interests.
The Reed Smith deal team advising Mutares on the restructuring, corporate, financing, and tax aspects of the transaction was led by Marie Crumière, supported by Julien Dorin on restructuring matters; Guilain Hippolyte, Marco Hazan, and Salomé Cloué on corporate matters; Ilana Smadja on financing; and Benoît Bernard on tax.
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