Occidental (NYSE: OXY) announced that a wholly owned subsidiary has entered into a definitive arrangement agreement to acquire all the outstanding equity of Carbon Engineering for total cash consideration of approximately US$1.1 billion, to be made in three annual payments, with the first at closing. This transaction is expected to close before the end of 2023, subject to Canadian court approval, regulatory approvals in Canada, and the United States and other customary closing conditions.

Latham & Watkins LLP represents Occidental in the transaction with a corporate deal team led by Houston partners John Greer and Bill Finnegan, with associates Bryan Ryan, Morgen Seim, and Molly Elkins. Advice was also provided on tax matters by Houston partner Tim Fenn, with associate Christine Mainguy; on environmental matters by Los Angeles/Houston partner Joshua Marnitz, with associate Reilly Nelson; on benefits matters by Houston counsel Krisa Benskin, with associate Christina Schrantz; on antitrust matters by Washington, D.C. partner Jason Cruise and Washington, D.C. counsel Peter Todaro, with associate Ivy Ziedrich; on intellectual property and data and technology transactions matters by Bay Area partner Michelle Gross, with associates Ryan Sanders, Dyllan Brown-Bramble, and Adriana Beach.