NOVA Chemicals Corp to be sold to ADNOC for $13.4 billion

LONDON: In a groundbreaking transaction, Nova Chemicals Holding GmbH, a subsidiary of Mubadala Investment Company’s MDGH, has entered into an agreement to sell its entire share capital in NOVA Chemicals Corporation to Abu Dhabi National Oil Company (ADNOC) PJSC. The deal, valued at a staggering $13.4 billion inclusive of debt, signifies a major strategic move for both companies.

Completion of the transaction is contingent on customary closing conditions and regulatory approvals, which are expected to proceed smoothly. This acquisition is poised to strengthen ADNOC’s foothold in the global petrochemicals industry and further its expansion strategy.

NOVA Chemicals Corporation, known for its innovation and leadership in sustainable materials, is set to benefit from ADNOC’s extensive resources and market reach, ensuring its continued growth and success under new ownership.