Linklaters advises BP on $5bn sale of Acetyls and Aromatics businesses to INEOS

Linklaters has advised BP on the $5bn sale of its Acetyls and Aromatics businesses to INEOS, the global manufacturer of petrochemicals, speciality chemicals and oil products.

The acquisition will further strengthen BP's balance sheet and delivers its target for agreed divestments a year earlier than originally scheduled.

In total, the businesses have interests in 14 manufacturing plants in Asia, Europe and the US and in 2019 produced 9.7 million tonnes of petrochemicals. The sale will also include related interests such as the chemical recycling technology BP Infinia and BP's interest in acetylated wood developer Tricoya.

The transaction was led by London partners Owen Clay (Corporate), Derek Tong (Corporate) and Mark Russell (Energy & Infrastructure), supported by Managing Associate Dominic da Gama Campos (Corporate).

Subject to regulatory and other approvals, the transaction is expected to complete by the end of 2020.