Rain Commodities wholly owned step-down subsidiary, Rain CII Carbon LLC (Rain CII), has agreed to acquire RUTGERS N.V. (RUTGERS), a Belgium headquartered Coal Tar Pitch (CTP) manufacturer, from funds advised by Triton (Triton). The company has executed share purchase agreement (SPA) on October 21, 2012 with Triton to acquire 100% stake in RUTGERS for gross enterprise value of 702 million euro. The transaction is expected to close in the first quarter of 2013; subject to the regulatory approvals and customary closing conditions.
Rain CII is planning to fund the transaction through a combination of internal cash accruals and issue proceeds of 533 million euro of long term bonds. Citigroup Global Markets Inc. is acting as financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP is acting as legal advisor to Rain CII. Goldman Sachs AG is acting as financial advisor and Freshfields Bruckhaus Deringer LLP is acting as legal advisor to Triton.
Rain Commodities is engaged in the business of manufacturing cement, Calcined Petroleum Coke (CPC) and power. The company is the largest producer of CPC with a production capacity of 2.49 million tonnes per annum (MTPA). Under the cement, the company has created brand namely Priya Cement.