Oman Oil Co inks $2.4bn deal to buy German firm

The Oman Oil Company agreed to buy German chemicals maker Oxea from buyout firm Advent International to expand into downstream activities in a deal a person familiar with the matter said was worth about 1.8 billion euros ($2.4 billion).

Oxea, a maker of ingredients for coatings, fuel additives, lubricants and cosmetics, will help to diversifyOman's industry and trade and reduce the Sultanate's reliance on crude oil, the buyer and seller said in a joint statement on Thursday.

The companies declined to comment on the purchase price.

Advent forged Oxea, which posted sales of 1.5 billion euros in 2012, from businesses it acquired in 2007 from Celanese and Degussa, now called Evonik.

Oman Oil Company worked with HSBC on the deal while Advent had no bank advisor, another source familiar with the transaction said.

Related:
Companies
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

All comments are subject to approval before appearing

Further reading

Features & Analysis
Saudis cut wage, benefit bill in delicate pursuit of austerity

Saudis cut wage, benefit bill in delicate pursuit of austerity

Some Saudis appear prepared to accept austerity following the...

Who audits the auditors?

Who audits the auditors?

DIFC Courts is hearing a case against the Middle East branch...

Saudis tighten their belts for Eid in age of austerity

Saudis tighten their belts for Eid in age of austerity

Gov't cuts, which began late in 2015, are now rippling through...

Most Discussed
sponsoredTracking