Styrenix Performance Materials Limited (Styrenix)is a publicly-listed company in India specialized in the production of Absolac (ABS) and Absolan (SAN), two types of plastic resins used for manufacturing home appliances, automobiles, machinery, electronics and other consumer products. Styrenix is a leader of the thermoplastics production in India, with 4 production sites and over 500 employees.
DFDL acted as local counsel of Styrenix in the acquisition of 100% shares of INEOS Styrolution (Thailand) Co., Ltd from INEOS group, one of the largest chemical companies in the world, headquartered in London. This strategic acquisition will strengthen Styrenix’s position in the engineering polymers segment by leveraging INEOS Thailand’s extensive customer base across Thailand, Southeast Asia, and China. The total transaction value amounted to around USD 20 million – one of the largest M&A deals in the chemicals sector in Thailand in the last few years.
DFDL assisted in two segments: Firstly, conducting the buy-side due diligence, reviewing transactional documents, assisting in deal closing and advising on relevant Thai law issues, including merger filing analysis. The team was led by Partners Vinay Ahuja and Nipaporn Supha-utchaichan, with the support of DFDL advisers Benjawan Butkrut, Thanatorn Anekvittayakij, Chanapha Chamnanlertkit, Nitipat Uthairat and Onnicha Yommana. On another side, negotiating the acquisition financing of the USD 20 Million transaction amount with HSBC Thailand, which involved negotiating the loan agreement, security packages and closing support. The team was led by Partner Vinay Ahuja with support from Partners Nipaporn Supha-utchaichan and Walanchathas Sanguanwong, and advisers Rohan Bishayee and Benjawan Butkrut.
