INEOS Styrolution Group GmbH signed an agreement to acquire petrochemicals business of BP p.l.c. (LSE:BP.) for $5 billion on June 29, 2020. Under the terms of the agreement, INEOS will pay BP a deposit of $400 million and will pay a further $3.6 billion on completion and an additional $1 billion will be deferred and paid in three separate installments of $100 million in March 2021, April 2021 and May 2021 with the remaining $700 million payable by the end of June, 2021. The purchase price is subject to customary adjustments. The sale agreement includes the whole of BP's aromatic and acetyls businesses, including assets, technology and licenses, as well as related assets. The business consists of 15 sites across the world (5 in the Americas, 2 in Europe and 8 in Asia) as well as 10 joint ventures. Manufacturing plants, and their primary products in Americas, Europe and Asia are included in the sale. The sale will also include related interests such as the chemical recycling technology BP Infinia and BP's interest in Tricoya. BP's petrochemicals assets at Gelsenkirchen and Mulheim in Germany are not included in the sale. INEOS Styrolution has an option to acquire from BP the research complex located at Naperville, Illinois, for an additional consideration or to enter a lease or other arrangement for the same. The petrochemicals business of BP currently employs over 1,700 staff worldwide and these staff are expected to transfer to INEOS Styrolution on completion of the sale. The transaction is subject to regulatory and other approvals. The transaction is expected to complete by the end of 2020. Proceeds from the sale will be used by BP for general corporate purposes. Matthew Tobin, Gareth Miles, Cathy Connolly, John Nevin, Samantha Brady, Jonny Ginns, Rob Mace, Andrew Hogan, Hywel Davies, Sally Wokes, Ross Davies, Trainee, Claire Jeffs, Natalie Yeung, Poppy Smith, Charles Cameron and Katherine Flower of Slaughter and May acted as legal advisor to INEOS. Owen Clay, Derek Tong and Mark Russell of Linklaters LLP acted as legal advisor to BP. Ernst & Young Services (uk) Ltd provided due diligence to BP p.l.c. in the transaction. INEOS Styrolution Group GmbH completed the acquisition of petrochemicals business of BP p.l.c. (LSE:BP.) on January 1, 2021. The businesses will be known as INEOS Acetyls and INEOS Aromatics.