European buyout firm CVC Capital Partners has fought off competition from its US rivals for a 25% stake in German conglomerate Evonik Industries, paying an unusually high amount of the â¬2.4bn ($3.7bn) purchase price in equity.
The firm provided equity worth about 50%, or â¬1.2bn, of the deal value, which was between seven and eight times the companyâs earnings before interest tax depreciation and amortisation. CVC beat US buyout firms Blackstone Group, Kohlberg Kravis Roberts and Bain Capital in the auction process.
