CVC Wins Evonik Auction

FRANKFURT, June 3 (Reuters) – Private equity firm CVC Capital Partners [CVC.UL] is set to pay 2.4 billion euros ($3.74 billion) to take a stake of around 25.1 percent in German conglomerate Evonik [RUHR.UL], two sources familiar with the situation said.

Contracts are expected to be signed later on Tuesday with CVC, which beat out rival suitors Bain Capital, Blackstone Group (BX.N: Quote, Profile, Research) and Kohlberg Kravis Roberts & Co [KKR.UL], the sources said.

Evonik and CVC declined comment, while the state-controlled RAG foundation, which is selling the stake, was not immediately available.

By Matthias Inverardi and Philipp Halstrick