Kirkland & Ellis represented Huntsman Corporation (NYSE: HUN), which announced today it has entered into a definitive agreement to sell its chemical intermediates business, which includes PO/MTBE, and its surfactants business to Indorama Ventures in a transaction valued at $2.076 billion, comprising a cash purchase price of $2.0 billion plus the transfer of up to approximately $76 million in net underfunded pension and other post-employment benefit liabilities. Under the terms of the agreement, Indorama Ventures would acquire manufacturing facilities located in Texas, India and Australia. The transaction is subject to regulatory approvals and other customary closing conditions and is expected to close near year-end.
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The Kirkland team was led by transactional partner Shawn O'Hargan and associates Arlene Ortiz-Leytte, William Halaby and Philippe Simard along with partner David Fox, technology and IP transactions partner David MacDonald and associate Frank Wei, and antitrust and competition partners Ian John and Kate Rocco. The Huntsman Corporation in-house legal team was led by Executive Vice President, General Counsel, Chief Compliance Officer and Secretary David Stryker.