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Borealis AG and NOVA Chemicals Corp. have agreed that Borealis will buy out NOVA Chemicals’ 50 percent ownership interest in Novealis Holdings LLC.

NOVA Chemicals is headquartered in Calgary, Alberta, but its executive offices are in a Pittsburgh suburb. The company develops and manufactures chemicals and plastic resins.

Formed in 2018, Novealis is the joint venture between affiliates of Borealis and NOVA Chemicals, which subsequently formed a 50/50 joint venture with an affiliate of Total S.A. to launch Bayport Polymers LLC in Houston, Texas.

Closing of the acquisition is subject to customary regulatory approvals and other conditions but is not subject to any financing condition. The parties expect the transaction to close in the first half of 2020.

NOVA Chemicals is wholly-owned, ultimately by Mubadala Investment Co. of the Emirate of Abu Dhabi, United Arab Emirates.

Borealis provides solutions in the fields of polyolefins, base chemicals and fertilizers. With its head office in Vienna, Austria, the company currently has more than 6,800 employees and operates in over 120 countries. Mubadala, through its holding company, owns 64 percent of the company, with the remaining 36 percent belonging to Austria-based OMV, an integrated, international oil and gas company. Borealis provides services and products to customers globally, in collaboration with Borouge, a joint venture with the Abu Dhabi National Oil Co. and with Baystar, a joint venture with Total and NOVA Chemicals in Texas.