Borealis AG (Vienna, Austria; www.borealisgroup.com) and NOVA Chemicals Corp. (Calgary, Alberta; www.novachem.com), announced they have reached an agreement for Borealis to buy NOVA Chemicals’ 50% ownership interest in Novealis Holdings LLC.
Formed in 2018, Novealis is the joint venture (JV) 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 (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.