Sasol (JSE: SOL) (NYSE: SSL) and LyondellBasell (NYSE: LYB) have introduced that they’ve entered right into a definitive agreement to kind a 50/50 three way partnership (JV) by which LyondellBasell will get 50 p.c of Sasol’s 1.5 MM ton ethane cracker, 0.9 MM ton low and linear-low density polyethylene crops and related infrastructure for a complete consideration of US$2 Billion. The agreement contains customary rights for every associate concerning the potential future sale of its possession interest. The JV will function under the title Louisiana Integrated PolyEthylene JV LLC.
Latham & Watkins LLP represents Sasol within the transaction. The company crew was led by Houston companions Ryan Maierson and Lauren Anderson, with Houston associates Thomas Verity, Samantha Seley, Denny Lee, Caroline Ellerbe, Sarah Dunn and Danielle Kinchen. The finance crew was led by Los Angeles/New York associate Jeffrey Greenberg, whereas the industrial crew was led by Houston associate Jonathan Castelan, with Houston associates Thomas Hillebrand, Corey Allen, Sam Bentley, and Cody Smith. Advice was additionally present on antitrust issues by Washington, D.C. associate Jason Cruise and Frankfurt associate Sebastian Max Hauser, with Washington, D.C. associates Lindsey Champlin and Brian O’Connell, and Frankfurt affiliate Anne Haas; on tax issues by Houston associate Tim Fenn, with Houston affiliate Michael Rowe; on advantages and compensation issues by Washington, D.C. associate Adam Kestenbaum, with Washington, D.C. affiliate Kirk Porter; and on licensing issues by New York associate Steven Betensky.