Vienna — Austrian polyolefins manufacturer Borealis AG and joint venture partner Nova Chemicals Corp. have reached an agreement for Borealis to acquire the full ownership of Novealis Holdings LLC.
The financial terms of the deal, announced Jan. 9, have not been disclosed.
Formed in 2018, Novealis is a 50/50 joint venture between affiliates of Borealis and Calgary, Alberta-based Nova Chemicals.
The move comes after Novealis entered into a 50/50 joint venture agreement with Total SA to launch Bayport Polymers LLC in Houston. The Baystar JV is building a polyethylene unit in Bayport, Texas, with an annual capacity of 625,000 metric tons.
Borealis said in a Jan. 9 news release that it expected to close the deal in the first half of 2020.
The closing of the acquisition is subject to customary regulatory approvals and other conditions but is not subject to any financing condition.