Kirkland & Ellis advised Celanese Corporation (NYSE: CE), a global chemical and specialty materials company, on its acquisition of the Santoprene™ TPV elastomers business of Exxon Mobil Corporation (NYSE: XOM), for $1.15 billion. The Santoprene™ business of ExxonMobil is a leading global producer of TPV serving a variety of end-uses including automotive, construction, appliance, medical, and industrial. Celanese will acquire the industry-renowned Santoprene™ brand as part of a comprehensive TPV product portfolio, along with intellectual property, production and commercial assets, and a world-class organization. The transaction is subject to regulatory approvals and customary closing conditions and is expected to close in the fourth quarter of 2021.
The Kirkland team was led by corporate partners David Feirstein and Romain Dambre and associates Paige Lager, Sandra Lewitz and Yasin Khan and included partner Daniel Wolf, technology & IP transactions partners Daniel Lewis and Todd Herst and associates Bernadette Coppola and Amy Barber, employee benefits partner Adria Crowe, labor & employment partner Risa Salins and associate Jaclyn Schruhl, and tax partner Benjamin Schreiner and associate Liz Allison.