A&O Shearman advises Venator France on the sale of its French subsidiaries to Mutares

Venator’s French subsidiaries, known for their expertise in specialty pigments and long-standing industrial presence, are joining Mutares, a Frankfurt-listed investment firm.

The transaction comes in a context of financial difficulties affecting the Venator group worldwide. After several unsuccessful divestment attempts, Venator France sought the opening of a safeguard procedure to secure the transaction. A&O Shearman supported the Venator group throughout the process, particularly in demonstrating that the sale was the best solution to address its significant debt and related risks, protect the company’s interests, and ensure business continuity.

Finalizing the transaction also required reaching an agreement with the creditors to obtain the release of existing security interests, an essential condition for completion.

For Venator, this sale guarantees the continuation of its French operations and the long-term preservation of industrial know-how built over nearly a century.

“This transaction, complex in its structuring, illustrates our teams’ ability to support clients in demanding financial and legal contexts and to build tailored solutions that ensure continued operations and safeguard jobs,” said Hector Arroyo and Alexandre Ancel, partners at A&O Shearman.

The A&O Shearman team was led by Paris-based partners Hector Arroyo and Alexandre Ancel, with associates Hicham Kaddaha and Thibault-Amaury Deleersnyder advising on restructuring matters; counsel Flora Leon-Serviere and associate Jérôme Païs advising on M&A; and partner Michel Houdayer advising on financial matters. Also involved were partner Charles del Valle on tax aspects, as well as partner Olivier Picquerey and associate Antoine Tantaro on employment law issues.