Lone Star to buy BASF construction chemicals unit for $3.51 billion

Private equity firm Lone Star has entered a deal to buy BASF's construction chemicals business for 3.17 billion euros ($3.5 billion) on a cash and debt-free basis, the German chemicals company said on Saturday as it seeks to focus on more profitable operations. The deal, which has an immediate effect upon BASF's reporting, is expected to close in the third quarter of 2020, according to the statement.

Reuters reported last month that Lone Star was in negotiations to buy the BASF unit. ($1 = 0.9027 euros)