Oman Oil Co. is buying Oxea from private equity firm Avent International.
Oxea, headquartered in Oberhausen, Germany, manufactures chemicals that are used in coatings, lacquers, paints, lubricants, flavors and fragrances. Terms of the deal were not disclosed.
Muscat, Oman-based Oman Oil is owned by the government of Oman, and expects the deal to strengthen its position in the global chemicals sector. The purchase is part of the country’s plan to diversify the economy across a variety of industrial and commercial sectors.
Oxea was formed when Advent combined two business units from Celanese and Degussa in 2007.
Boston-based Advent has raised more than $37 billion in capital since it was founded in 1984. Advent announced earlier in October that it is buying P2 Equity Partners, a software company that provides geospatial data and land-management tools. In June, the firm announced the purchase of a stake in Alianza Fiduciaria SA, a Colombian asset manager. In April, the firm picked up Cytec Industries Inc.’s (NYSE: CYT) coating resins business.