EQUATE Petrochemical Company, announced in a press statement on 23 December 2015 that it has finalized its acquisition of 100% ownership in MEGlobal. This transaction has transformed EQUATE into a global leader in the petrochemical sector. MEGlobal will provide EQUATE with a major growth opportunity through a new world-scale project in the U.S. Gulf Coast utilizing advantaged shale gas feedstock. In addition, the transaction will bring with it an experienced leadership and operations team, as well as a global network of clients.

MEGlobal is a world leader in the manufacture and marketing of monoethylene glycol and diethylene glycol (EG). Established in July 2004, MEGlobal currently markets over 2.5 million metric tons of EG per year globally. EG is used as a raw material in the manufacture of polyester fibers (clothing and other textiles), polyethylene terephthalate (PET) resins, antifreeze formulations and other industrial products. MEGlobal was a joint venture between Dow and Dow and Petrochemical Industries Co, a unit of Kuwait Petroleum.

Loyens & Loeff acted as EQUATE’s Dutch legal counsel on the M&A aspects, as well as the acquisition finance aspects of this transaction.

The Loyens & Loeff team consisted of Peter Corten, Wouter Kros and Femke van de Hoef for the M&A aspects and Vincent Vroom, Sophie Demper and Ehsan Naseri were involved in respect of the acquisition financing.