TJC LP signed a definitive agreement to acquire Delrin® acetal homopolymer (H-POM) business of DuPont de Nemours, Inc. (NYSE:DD) for approximately $1.6 billion on August 21, 2023. At close, DuPont will receive pre-tax cash proceeds of approximately $1.28 billion, subject to customary transaction adjustments, a note receivable of $350 million, and will own a 19.9% non-controlling common equity interest in the Delrin business. TJC has received fully committed financing in connection with the transaction. The results of operations of the Delrin business will continue to be presented as discontinued operations in DuPont?s consolidated financial statements through transaction closing.

The transaction is subject to customary closing conditions and regulatory approval and is expected to close around year-end 2023. This transaction is structured to maximize value for our shareholders, providing significant cash proceeds at close to be deployed in line with our strategic priorities while providing an opportunity for DuPont to participate in future upside potential upon exit of our retained equity interest in the Delrin business.

Goldman Sachs & Co. LLC is serving as DuPont?s financial advisor and Brandon Van Dyke, Nathan W Giesselman, Bruce Goldner, Page W Griffin, Kyle J Hatton, M. Janine Jjingo, Danielle Li, Resa K Schlossberg, David E Schwartz and Audrey L Sokoloff of Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal counsel. Citi is acting as financial advisor and Andrew Arons, Michael Amalfe, Jason Kanner, Andrea Weintraub, ared Rusman, Sherry Xie, Adam Petravicius, Sara Michaelchuck Webber, Emily Tabak, R.D. Kohut, Mari Stonebraker, Michael Krasnovsky, Matthew Antinossi, Lanre Williams, Daniel Gerkin, Nick Niles, Peter McCormack, Paula Riedel, Philipp Gnatzy and Shahrzad Sadjadi of Kirkland & Ellis LLP are serving as legal counsel to TJC.

TJC LP completed the acquisition of Delrin® acetal homopolymer (H-POM) business of DuPont de Nemours, Inc. (NYSE:DD) on November 1, 2023.