Advent International has sold Oxea, one of the largest global manufacturers of oxo chemicals to the Oman Oil Company (OOC), a commercial company wholly owned by the Government of the Sultanate of Oman. The acquisition is subject to antitrust approvals and satisfaction of other conditions. The purchase price was not disclosed.
With the acquisition of Oxea, OOC aims to become a vertically integrated global chemical leader in the downstream industry.
With 1.3 million tons of Oxo chemicals and derivatives each year, Oxea generated sales of approximately €1.5 billion in 2012. The company was formed by merging two separate business units that Advent acquired in 2007 from Celanese and Degussa (now Evonik).