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Advent snaps up Bayer chemicals unit

Private equity firm Advent International has completed its second deal in a week, acquiring a chemicals specialist unit of German conglomerate Bayer for €1.2bn ($1.6bn).

Advent teamed up with buyout peer The Carlyle Group to beat Umicore, a Belgium-based materials company, in the final round of bidding for Bayer's HC Starck business.

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