Temasek agrees to acquire 30% stake in Danish firm

Temasek Holdings signage (AFP pic)

SINGAPORE: Singapore state investor Temasek Holdings has clinched a deal to acquire a stake of about 30% in Danish chemicals company Haldor Topsoe, in a transaction that values the firm at roughly US$1.5 billion, a source with direct knowledge of the matter said.

As part of the deal, Temasek will subscribe to secondary shares issued by the Topsoe family, which currently owns 100% of the company, the source said.

The Topsoe family owns the firm, a provider of catalysts and proprietary technology for the chemical and refining industries, via Haldor Topsoe Holdings. Haldor Topsoe employs about 2,300 staff and logged revenue of about US$760 million in 2017.

Last June, the owners started a process to find a financial minority investor in order to accelerate growth.

There was no immediate response from Haldor Topsoe to a Reuters query sent outside normal office hours in Denmark. A Temasek spokesman declined to comment.