Slaughter and May is advising INEOS on the acquisition of BP’s global Petrochemicals business for US$ 5 billion, and on related financing arrangements. The Petrochemicals business comprises BP’s global Acetyls and Aromatics business and related licensing activities. The business being acquired has 14 manufacturing sites in Asia, Europe and North America, employs approximately 1,700 people and holds interests in 10 joint ventures.
The transaction is subject to customary closing conditions, including regulatory approvals, and is expected to close later in 2020. US$ 1 billion of the purchase price will be deferred and paid in instalments in the first half of 2021.
Slaughter and May worked closely with Jonny Ginns, Rob Mace and Andrew Hogan from the in-house legal team at INEOS.
Beatrice Pignatelli / Trainee
Heather Crosby / Trainee