Sun European Partners has inked an agreement with Styrolution to acquire Elix Polymers, Styrolution announced in a statement late Friday.
The value of the acquisition wasn't given and the company wasn't immediately available for further comment.
The transaction, which is conditional upon merger clearance and approval from the European Commission, is expected to close in the first half of 2012.
The deal follows the decision of the European Commission to approve the formation of Styrolution as a 50:50 joint venture between BASF and Ineos under the condition that Styrolution divests Elix Polymers.
Ineos was told June 1 by the European Commission that it must sell the Tarragona site to maintain competition in the European market for natural and precolored ABS products. As a result, Ineos created the spinoff Elix of its acrylonitrile-butadiene-styrene business, with a view to selling off the assets in October.
Elix's assets includes a 180,000 mt/year ABS plant at Tarragona.
Sun European Partners is the European adviser to Sun Capital Partners, a US-based private investment firm.
