William Partners to sell stake in Louisiana plant
The deal will reportedly be worth $2.1 billion in cash and the company will use this amount to pay off $850 million of its debt and fund a certain part of its investment expenses.
The plant, which was rebuilt in 2014 following a serious explosion that took place in 2013, is able to produce 975 million tons/year of ethylene.
Calgary-based Nova Chemical was set up by the Abu Dhabi government in order to invest in the energy sector and is owned by International Petroleum Investment Company. William Partners is said to form a long-term supply and transportation relationship with Nova after the deal is closed.
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