October 1, 2019 / 11:49 AM / 16 days ago

Advent to pay about 700 million euros for Italy's ICE: source

MILAN (Reuters) - Private equity fund Advent will pay around 700 million euros ($763 million) to buy Italian chemicals firm Industria Chimica Emiliana (ICE) in Italy’s biggest leveraged buyout this year, a source familiar with the matter said.

Earlier on Tuesday Advent said it had agreed to buy ICE but did not disclose the price.

In June sources told Reuters that Advent had entered exclusive talks to buy ICE, valuing it at about 600 million euros.

Advent, which was advised in the deal by Deutsche Bank and Nomura, declined to comment on the price of the transaction.

Reporting by Stephen Jewkes; editing by Jason Neely

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