Lone Star Funds, a private equity firm, agreed to acquire BASF’s Construction Chemicals business for $3.5bn on a cash and debt-free basis. The transaction is expected to close in the third quarter of 2020, subject to the approval of the relevant competition authorities. "BASF’s Construction Chemicals business fits very well with our portfolio, complementing our investments in the construction materials industry. We highly value the industry-wide recognized knowledge and competence of BASF’s Construction Chemicals experts, backed by a strong track record in innovative products and a compelling R&D pipeline. We look forward to jointly pursuing a growth-oriented business approach," Donald Quintin, Lone Star President of Europe.