Lowenstein acted as U.S. counsel for longtime client Indorama Ventures (BKK: IVL) in the company’s agreement to purchase the specialized chemical unit Oxiteno from Brazilian conglomerate Ultrapar Participações SA. The transaction was valued at $1.3 billion.
Oxiteno produces chemicals in Brazil, Mexico, and the United States for a variety of end uses, including food processing, agriculture, and hygiene. The sale effectively completes a previously announced reorganization by Ultrapar, which owns one of the largest gas station chains in South America.
Lowenstein has represented Thailand-based Indorama, a global chemicals producer, in numerous other transactions, including its acquisition of CarbonLite Holdings’ facility in Texas; the $2 billion acquisition of the specialty chemicals portfolio of Huntsman Corporation USA (NYSE:HUN) (named to the Americas Awards 2020 short list of nominees for M&A Deal of the Year by International Financial Law Review (IFLR)); its joint venture to acquire a PTA-PET production facility in Corpus Christi, Texas, from M&G Chemicals for a purchase price and capital contributions totaling approximately $1.125 billion (recognized by The M&A Advisor’s Turnaround Awards as Cross-Border Restructuring of the Year and Restructuring Deal of the Year); its acquisition of M&G Polimeros Brazil S.A., owner of Brazil’s largest PET (polyethylene terephthalate) facility; its acquisition from BP Amoco Chemical Company of a 1,000-acre manufacturing facility located in Alabama; its acquisition of a facility located in Montreal, Canada, from subsidiaries of CEPSA and Investissement Quebec; and its $420 million acquisition of several manufacturing facilities from Invista B.V.
The Lowenstein Sandler deal team included Nicholas San Filippo IV, Sam E. Khan, Mitchell McDonald, Danielle M. Falzone, Diana Kim, Norman W. Spindel, Zachary L. Berliner, Stuart S. Yusem, Stephen Tanico, Brian Silikovitz, Kristin V. Taylor, Sartaz Singh, Megan Monson, Taryn E. Cannataro, Bryan Sterba, Jenna-Marie Tracy, Doreen M. Edelman, and Abbey E. Baker.
About Lowenstein Sandler LLP
Lowenstein Sandler is a national law firm with over 350 lawyers based in New York, Palo Alto, New Jersey, Utah, and Washington, D.C. The firm represents leaders in virtually every sector of the global economy, with particular emphasis on investment funds, life sciences, and technology. Recognized for its entrepreneurial spirit and high standard of client service, the firm is committed to the interests of its clients, colleagues, and communities.
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