Sasol (JSE: SOL) (NYSE: SSL) and LyondellBasell (NYSE: LYB) have announced that they have entered into a definitive agreement to form a 50/50 joint venture (JV) through which LyondellBasell will acquire 50 percent of Sasol’s 1.5 MM ton ethane cracker, 0.9 MM ton low and linear-low density polyethylene plants and associated infrastructure for a total consideration of US$2 Billion. The agreement includes customary rights for each partner regarding the potential future sale of its ownership interest. The JV will operate under the name Louisiana Integrated PolyEthylene JV LLC.

Latham & Watkins LLP represents Sasol in the transaction. The corporate team was led by Houston partners Ryan Maierson and Lauren Anderson, with Houston associates Thomas Verity, Samantha Seley, Denny Lee, Caroline Ellerbe, Sarah Dunn and Danielle Kinchen. The finance team was led by Los Angeles/New York partner Jeffrey Greenberg, while the commercial team was led by Houston partner Jonathan Castelan, with Houston associates Thomas Hillebrand, Corey Allen, Sam Bentley, and Cody Smith. Advice was also provide on antitrust matters by Washington, D.C. partner Jason Cruise and Frankfurt partner Sebastian Max Hauser, with Washington, D.C. associates Lindsey Champlin and Brian O’Connell, and Frankfurt associate Anne Haas; on tax matters by Houston partner Tim Fenn, with Houston associate Michael Rowe; on benefits and compensation matters by Washington, D.C. partner Adam Kestenbaum, with Washington, D.C. associate Kirk Porter; and on licensing matters by New York partner Steven Betensky.