SAO PAULO, Jan 10 (Reuters) - GTM Holdings SA, Latin America’s No. 1 independent distributor of chemical products, has agreed to pay 550 million reais ($172 million) for Brazilian peer quantiQ, in an effort to boost its presence in the region’s biggest country.
Houston-based GTM Holdings will pay 450 million reais when the deal closes, with the remainder being disbursed within the next 12 months. The acquisition of quantiQ, which was fully owned by Braskem SA, will be GTM’s third acquisition over the past year.
Braskem is Latin America’s largest resin producer.
$1 = 3.1955 reais Reporting by Guillermo Parra-Bernal; Editing by Diane Craft