Cinven nears another acquisition after Rockwood Holdings, an advanced materials and specialty chemicals company intends to sell CeramTec, its ceramics subsidiary. The deal currently sits at Eur1.49 billion or $1.98 billion (subject to adjustments). CeramTec is based in Plochingen, Germany.

Cinven is said to have gained full financing for this deal, which is to close at the third quarter of this year. The deal is subject to proper approvals, including one from the EU Competition Clearance Authority.

Seifi Ghasemi, Chairman and CEO of Rockwood, said that "successful execution of this transaction at an attractive multiple will bring Rockwood one significant step closer to our strategic objective and commitment to become a more focused specialty chemical company with a growth portfolio that best maximizes value and returns for our shareholders."

"We expect to use the substantial net cash proceeds to support our balanced approach to debt reduction...  in our complementary growth core businesses," summed Ghasemi.