Degussa has agreed to sell its construction chemicals business to BASF for $2.6 billion. Including the assumption of debt, the two firms value the long-awaited deal at $3.3 billion. The acquisition will give BASF access to the global construction chemicals market, which it says is worth $15.5 billion and growing 5% annually. BASF adds that construction chemicals is an attractive business because it enjoys relatively stable margins and has a high potential for innovation. The two expect the deal to close by the middle of this year, pending government approvals.