New York-based private equity firm Blackstone Capital Partners will join Boston-based Bain Capital LLC in acquiring minority interest in Huntsman International Holdings LLC.
The companies expected the transaction to close in the third quarter.
The funds from the two equity firms, about $550 million, are to be used to assist in financing the purchase of all remaining shares of Huntsman International Holdings LLC from Imperial Chemical Industries and other private equity investors.
As part of the same transaction, the parties expect that funds may be made available from Huntsman International to Huntsman Corp. for ongoing business activities.
Jon M. Huntsman, founder and chairman of Huntsman Corp., said the equity firms should be able to provide the capital needed to pursue Huntsman International's growth plan. "We anticipate that our company will make additional acquisitions in the petrochemical industry," he said.
Huntsman International Holdings LLC is a subsidiary of Huntsman Corp., the world's largest privately held chemical company. Huntsman-held companies have revenues of approximately $8.4 billion, more than 14,000 employees and facilities in 44 countries.