Oman Oil to buy Oxea

Advent International said it is selling Oxea, one of the world's largest producers of oxo chemicals, to Oman Oil Co.

Oxea, is a supplier of polyols used in polyurethane manufacturing and other products, as well as other chemicals.

Private equity firm Advent and Oman Oil, which is wholly owned by the Sultanate of Oman, said the deal is subject to antitrust approvals and satisfaction of other conditions. The purchase price wasn't disclosed.

The acquisition is part of the sultanate's effort to diversify Oman's economy while decreasing its dependence on oil. Via the purchase of Oxea, Oman Oil aims to become a vertically integrated global chemical leader.