Oman Oil Company acquires Oxea

Oman Oi l Comp a n y (OOC), a commercial company wholly owned by the Government of the Sultanate of Oman, will acquire Oxea to strengthen its position in the global chemicals sector. Advent International, a global firms dedicated solely to private equity, announced its divestment from Oxea, one of the largest global manufacturers of Oxo chemicals. OOC supports the Sultanate’s economic development programme “Vision 2020” which is aimed at diversifying the economy across a variety of industrial and commercial activities in Oman and abroad while decreasing dependence on oil. With the acquisition of OXEA, OOC aims to become a vertically integrated global chemical leader in the downstream industry. With 1.3 million tonnes of Oxo chemicals and derivatives each year, Oxea generated sales of around 1.5 billion EUR (2012). The company was formed by merging two separate business units which Advent acquired in 2007 from Celanese and Degussa (now Evonik). Advent brought in comprehensive sector and market expertise which it gained through more than 25 investments in the chemicals industry over the past 25 years. Under Advent’s ownership Oxea’s management developed a resilient business with strong earnings growth.

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