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Dow sheds AgroFresh unit to Avenue Capital blank check company in $860 million deal

Apr 30, 2015 - The Deal Pipeline
Board and Executive Moves-Mergers and Acquisitions

Dow Chemical Co. (DOW), under pressure to shed laggards, has a deal in place to sell its AgroFresh specialty chemicals business to a blank-check company formed by Avenue Capital Group LLC in a deal valued at $860 million. AgroFresh is a global vendor of chemicals used by growers and packers of fresh produce to preserve freshness.

Its flagship SmartFresh product is currently used in 45 countries. The buyer is Boulevard Acquisition Corp. (BLVD), an entity established by hedge fund Ave...