Lone Star Funds acquires BASF’s construction chemical branch

The German chemical company BASF has a division for chemicals used in building materials sold to the American investor Lone Star Funds. The acquisition involves more than 3 billion euros, BASF announced on Saturday. The company is getting rid of the division because it wants to focus on activities that generate more profit. The acquisition will be completed in the third quarter of 2020.

It was announced in November that both parties were negotiating with each other. BASF bought the division in 2006 for 2.7 billion euros from its German counterpart Degussa.

BASF is the world’s largest multinational chemical company. Last year the company made a turnover of around 63 billion euros. In total 122,000 people work there.