Austria: Interest Acquisition Nova Chemicals to Sell its Share in Novealis JV to Borealis
Under the agreement, Borealis is all set to acquire Nova Chemicals’ 50 % ownership interest in the Novealis JV. Both the parties expect the transaction to close in early 2020.
Austria – Borealis and Nova Chemicals Corporation have recently announced that they have reached an agreement for Borealis to buy Nova Chemicals’ 50 % ownership interest in Novealis Holdings.
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 to launch Bayport Polymers (Baystar) 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.