King & Spalding Advises Dow On $125M Sale of 50% Ownership in DowAksa Joint Venture

King & Spalding represented Dow, one of the world's leading materials science companies, on the sale and purchase agreement for the sale of its 50% interest in DowAksa Advanced Composites Holdings BV (DowAksa).

The stake is being sold to Aksa Akrilik Kimya Sanayii A.Ş. (Aksa), a company of Akkök Holding. Aksa is Dow’s current joint venture partner, holding the other 50% interest in DowAksa. Dow's proceeds from the sale are expected to be $125m, which reflects, after accounting for debt, an enterprise value of approximately 10x the estimated 2025 operating EBITDA. More details on the agreement can be found here.

The King & Spalding team advising Dow included Simon Fraser, Matt Hartsuyker, Dan Feldman, Salome Cisnal de Ugarte, Jill Cooper, Eoin Coffey, Aaron Ohm, Michael Langan, Chris Travis and Lamya Al-Yazdi. Turkish firm Paksoy provided local law advice.