Bain to buy share of Huntsman

SALT LAKE CITY (Feb. 28)—Bain Capital Inc. will invest more than $600 million in Huntsman Corp. and receive a minority stake in the privately held chemical company and representation on its board of directors. The two firms signed a letter of intent Feb. 23 and expect the transaction to close in the second quarter. The deal will allow Huntsman to acquire Imperial Chemical Industries´ 30-percent share of Huntsman International Holdings L.L.C., a subsidiary of Huntsman Corp. formally called Huntsman ICI Holdings L.L.C. In addition, the funds will allow the company to continue its aggressive expansion strategy that has resulted in a 30 percent average annual growth rate during the last 15 years, according to Jon M. Huntsman, founder and chairman of Huntsman Corp. Bain Capital is a global asset management company formed in 1984 and based in Boston.