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Solvay to Buy Chemlogics for $1.3 Billion for Oil Segment

Solvay SA agreed to buy U.S. producer Chemlogics for $1.3 billion in cash to expand its offering of chemicals for the oil and gas industry.

The Belgian company is paying 10.7 times earnings before interest, taxes, depreciation and amortization for the business, which generated about $500 million in annual sales, Solvay said today in a statement. The Brussels-based chemical manufacturer will sell about 1 billion euros ($1.35 billion) in hybrid bonds to help support finances.