The private equity firm CVC Capital Partners has paid roughly $3.7 billion to acquire a 25.01% stake in Evonik Industries. Evonik's diverse portfolio includes the former Degussa chemical business plus real estate and energy generation holdings. Wilhelm Bonse-Geuking, chairman of the RAG Foundation, Evonik's owner, says he and his colleagues picked CVC from the handful of private equity firms bidding for the stake because it has extensive experience in the chemistry and energy sectors. He also pointed out that CVC has an experienced team in Germany. Steven Koltes, managing partner of CVC, says, "Evonik is an outstanding enterprise with an enormous future potential." Hubertus Schmoldt, chairman of the German chemical industry trade union, who has been deeply involved in the formation of Evonik as part of the RAG Foundation, welcomes the sale as "a first important step" in Evonik's plan, somewhat delayed, to list on the German stock exchange. The CVC purchase, Schmoldt notes, gives Evonik time to ready itself for an initial public offering and will facilitate further investment in the company.