backKing & Spalding advised LyondellBasell in the sale of Ethylene Oxide and Derivatives Business and Production Facility to INEOS. On December 8, 2023, LyondellBasell announced it has entered into an agreement to sell its Ethylene Oxide & Derivatives (EO&D) business along with the production facility located in Bayport, Texas, to INEOS Oxide (INEOS). The Ethylene Oxide & Derivatives business in Bayport produces high-quality ethylene oxide and various derivatives. The fully integrated platform with access to cost-advantaged feedstocks and logistics networks has excellent performance and reputation in the market. The purchase price for the transaction is $700 million. The transaction is expected to close in the second quarter of 2024 following completion of planned maintenance at the facility and is subject to regulatory and other customary closing conditions. J.P. Morgan acted as financial advisor and King & Spalding acted as legal counsel to LyondellBasell.
LyondellBasell is a leader in the global chemical industry creating solutions for everyday sustainable living. Through advanced technology and focused investments, LyondellBasell enables a circular and low carbon economy. As one of the world's largest producers of polymers and a leader in polyolefin technologies, LyondellBasell develops, manufactures and markets high-quality and innovative products for applications ranging from sustainable transportation and food safety to clean water and quality healthcare. The King & Spalding team advising LyondellBasell on the sale was led by Jonathan Newton, Heath Trisdale, Andrew Ketner, Erin Mendez, Cynthia Stroman, David Runnels and Stuart Zisman.