Strategic Value Partners’ acquisition of OQ Chemical has been approved by the European Commission, the commission announced on its website.
The commission decided that, under the European Union Mergers Regulation, the two entities’ operations are dissimilar enough that it would not create concerns about a lack of competition in the marketplace.
OQ is a manufacturer of oxo intermediates and oxo performance chemicals. These include 1.3 million metric tons per year of capacity to produce aldehydes, alcohols, amines, carboxylic acids, polyols and esters used in lubricants coatings, plasticizers, paints and inks.
Strategic Value Partners indirectly acquired 74.99% of OQ’s issued share capital, which gave new owner majority voting rights.
The deal includes both OQ Chemicals International Holding GmbH and OIG OQ Infrastruktur GmbH, collectively referred to as called OQ Chemicals.
Strategic Value Partners is an investment firm with operations in North America and Europe.