Westlake’s $1.2 Billion Acquisition of Hexion’s Global Epoxy Business

Cleary Gottlieb Steen & Hamilton represented Westlake Chemical Corporation in the transaction, while Davis Polk advised Hexion Holdings Corporation.

Westlake Chemical Corporation (NYSE: WLK) has entered into a definitive agreement with Hexion Inc. to acquire Hexion’s global epoxy business for approximately $1.2 billion. The transaction is expected to be completed in the first half of 2022 following customary closing conditions.

Hexion’s epoxy business is an industry leader in the manufacture and development of specialty resins, coatings and composites for a variety of industries, including high-growth and sustainability-oriented end-uses such as wind turbine blades and light-weight automotive structural components. 

Westlake is a global manufacturer and supplier of materials and innovative products that enhance life every day. Headquartered in Houston, we provide the building blocks for vital solutions — from building products and infrastructure materials, to packaging and healthcare products, to automotive and consumer goods

The global Cleary team was led by M&A partner Jim Langston (Picture), senior attorney Chris Condlin and associates Brennan Halloran and David Friedman and law clerk Daniel Oyolu. Partners Jeremy Calsyn and Chris Cook and associate Beth Mebratu advised on antitrust matters. Partner Audry Casusol, associate Ashley Powell and law clerk Michael Gao advised on executive compensation and employee benefits matters. Partner Jason Factor and associate Hannah Littman provided tax advice. Partner Daniel Ilan and associates Jaehwan Park, Josh Deull, Kyungmin (Christine) Song and Lindsay Harris advised on IP matters. Partner Kim Blacklow and associate Luke Lechtenberg provided real estate advice. Partner-elect Chase Kaniecki and associate Will Dawley advised on U.S. and international trade law. Senior Attorney Natascha Gerlach and associates Jan-Frederik Keustermans and Louie Ka Chun advised on GDPR matters. Counsel Beau Sterling and associate Madison Bush provided environmental advice. Counsel Michael Brems and associates Morten Werner and Falko Maurer advised on German law matters. Senior attorney Jerome Hartemann provided French employment law advice. Senior attorney Loïc Peltzer advised on Belgian employment law issues. Senior attorney Jim Corsiglia advised on anti-corruption matters.

The Davis Polk corporate team included partner William H. Aaronson and associate Christine Choi. Partner Jeffrey P. Crandall and associate Justin Alexander Kasprisin provided executive compensation advice. Partner Pritesh P. Shah and associate Christopher C. Woller provided intellectual property advice. Partner William A. Curran and associate Danielle Rapaccioli provided tax advice. Partner Ronan P. Harty and counsel Matthew Yeowart provided antitrust and competition advice.

Involved fees earner: Michael Brems – Cleary Gottlieb Steen & Hamilton; Kimberly Brown Blacklow – Cleary Gottlieb Steen & Hamilton; Madison Bush – Cleary Gottlieb Steen & Hamilton; Jeremy Calsyn – Cleary Gottlieb Steen & Hamilton; Audry Casusol – Cleary Gottlieb Steen & Hamilton; Christopher Condlin – Cleary Gottlieb Steen & Hamilton; Christopher Cook – Cleary Gottlieb Steen & Hamilton; James Corsiglia – Cleary Gottlieb Steen & Hamilton; William Dawley – Cleary Gottlieb Steen & Hamilton; Joshua Deull – Cleary Gottlieb Steen & Hamilton; Jason Factor – Cleary Gottlieb Steen & Hamilton; David Friedman – Cleary Gottlieb Steen & Hamilton; Natascha Gerlach – Cleary Gottlieb Steen & Hamilton; Brennan Halloran – Cleary Gottlieb Steen & Hamilton; Jérôme Hartemann – Cleary Gottlieb Steen & Hamilton; Daniel Ilan – Cleary Gottlieb Steen & Hamilton; Louie Ka Chun – Cleary Gottlieb Steen & Hamilton; Chase Kaniecki – Cleary Gottlieb Steen & Hamilton; Jan-Frederik Keustermans – Cleary Gottlieb Steen & Hamilton; James Langston – Cleary Gottlieb Steen & Hamilton; Luke Lechtenberg – Cleary Gottlieb Steen & Hamilton; Hannah Littman – Cleary Gottlieb Steen & Hamilton; Falko Maurer – Cleary Gottlieb Steen & Hamilton; Bethlehem Mebratu – Cleary Gottlieb Steen & Hamilton; Jaehwan Park – Cleary Gottlieb Steen & Hamilton; Loïc Peltzer – Cleary Gottlieb Steen & Hamilton; Ashley Powell – Cleary Gottlieb Steen & Hamilton; Christine Song – Cleary Gottlieb Steen & Hamilton; Beau Sterling – Cleary Gottlieb Steen & Hamilton; Morten Werner – Cleary Gottlieb Steen & Hamilton; William Aaronson – Davis Polk & Wardwell; Christine Choi – Davis Polk & Wardwell; Jeffrey Crandall – Davis Polk & Wardwell; William Curran – Davis Polk & Wardwell; Ronan Harty – Davis Polk & Wardwell; Justin Alexander Kasprisin – Davis Polk & Wardwell; Danielle Rapaccioli – Davis Polk & Wardwell; Pritesh P. Shah – Davis Polk & Wardwell; Christopher Woller – Davis Polk & Wardwell; Matthew Yeowart – Davis Polk & Wardwell;

Law Firms: Cleary Gottlieb Steen & Hamilton; Davis Polk & Wardwell;

Clients: Hexion; Westlake Chemical Corporation;