Celanese Offers Up Oxo Businesses to Advent Intl.

DALLAS - Celanese Corporation has entered into an agreement to sell its oxo products and derivatives businesses, including European Oxo GmbH (“EOXO”), a joint venture between Celanese AG and Degussa AG, to Advent International, a global private equity firm, for the purchase price of €480 million, which is approximately US$630 million. This sale is consistent with Celanese’s strategy to optimize its portfolio and divest non-core businesses.