Kirkland & Ellis represented Huntsman Corporation (NYSE: HUN), which announced today it has entered into a definitive agreement to sell its chemical intermediates business, which includes PO/MTBE, and its surfactants business to Indorama Ventures in a transaction valued at $2.076 billion, comprising a cash purchase price of $2.0 billion plus the transfer of up to approximately $76 million in net underfunded pension and other post-employment benefit liabilities. Under the terms of the agreement, Indorama Ventures would acquire manufacturing facilities located in Texas, India and Australia. The transaction is subject to regulatory approvals and other customary closing conditions and is expected to close near year-end.
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The Kirkland team was led by transactional partner Shawn O’Hargan and associates Arlene Ortiz-Leytte, William Halaby and Philippe Simard along with transactional partner David Fox and technology and IP transactions partner David MacDonald. The team also included tax partners Mike Carew and Adam Kool and associate Simon Kwong; technology and IP transactions associates Frank Wei, Joanna Schlingbaum and Mannat Sharma; employee benefits partner Melissa Grim and associate Emily Morrison; executive compensation partner Kate Coverdale and associate Malhar Naik; labor and employment partner Michael Schulman and associate Christine Lacku; environmental transactions partner Toby Chung and associate Carleigh Rodriguez; antitrust partners Ian John, Paul Riedel, Katherine Rocco and Mike Robert-Smith and associates Evan Turange, Miata Eggerly and Katie Drummonds; real estate partner John Goldman and associate Ian Craig; international trade and national security associate Luci Hague; debt finance partner Suhan Shim; and transactional partner Doug Bacon and associates Erik Shoemaker and Patrick Moneypenny.
The Huntsman Corporation in-house legal team was led by Executive Vice President, General Counsel, Chief Compliance Officer and Secretary David Stryker.