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2020-2021 Exhibitions
Borealis to acquire Nova’s 50% equity in Novealis jv
Austrian chemical firm Borealis and Canada’s Nova Chemicals Corporation have reached an agreement for Borealis to buy Nova Chemicals’s 50% ownership interest in Novealis Holdings. Terms were not disclosed.
Formed in 2018, Novealis is the joint venture between affiliates of Borealis and Nova Chemicals, which subsequently formed a 50/50 joint venture with an affiliate of Total S.A. to launch Bayport Polymers LLC in Houston, Texas, US.
Closing of the acquisition is subject to customary regulatory approvals and other conditions but is not subject to any financing condition. The parties expect the transaction to close in the first half of 2020.
(PRA)
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