LyondellBasell Announces Sale of Ethylene Oxide & Derivatives Business and Production Facility to INEOS for $700M
Portfolio Pulse from Benzinga Newsdesk
LyondellBasell (LYB) has agreed to sell its Ethylene Oxide & Derivatives business and a production facility in Bayport, Texas to INEOS for $700 million. The deal is expected to close in Q2 2024, subject to regulatory approvals and completion of maintenance at the facility. J.P. Morgan served as the financial advisor and King & Spalding as legal counsel for the transaction.
December 08, 2023 | 11:32 am
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POSITIVE IMPACT
LyondellBasell is selling its Ethylene Oxide & Derivatives business and a production facility to INEOS for $700 million, which may positively impact its financials upon deal closure.
The sale of the EO&D business and facility is a significant transaction for LyondellBasell, likely to result in a positive financial impact due to the influx of cash from the sale. However, the impact may not be immediate as the deal is set to close in Q2 2024. The confidence level is not at the maximum because the deal is subject to regulatory approvals and the future market conditions that may affect the stock price are unknown.
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IMPORTANCE 75
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