NEW YORK (S&P Global Ratings) July 7, 2021--S&P Global Ratings today said it will continue to monitor the credit quality of Innovative Water Care Global Corp. (doing business as Sigura) following the announcement by Platinum Equity's (Sigura's owner) that it plans to acquire Solenis, a global producer of specialty chemicals used in water-intensive industries. Platinum intends to merge Solenis with Sigura as part of the transaction. The transaction implies an enterprise value for the newly merged entity of $6.5 billion with annual sales of about $3.5 billion. It is currently unclear if Sigura's debt will remain outstanding at the close of the transaction. However, we believe it may be refinanced given the combined entity is significantly larger than Sigura on
