Freshfields has advised Japanese petroleum and metals conglomerate ENEOS Holdings on its acquisition of specialty chemicals company TPC Holdings.
Bloomberg said the deal valued TPC at USD1.28 billion, including debt.
ENEOS, Japan’s largest oil refiner, said the deal would be implemented through a merger between TPC and the special purpose vehicle formed by ENEOS’ wholly owned US subsidiary.
Following the acquisition, ENEOS said it would have the world’s third-largest butadiene production capacity.
Head of Japan M&A Tomoko Nakajima and New York office managing partner Paul Humphreys led the Freshfields team. Senior associates Evan Yoo, Hugh Goodwin and Junya Suzuki, and associates Rodrigo Cervone Miranda and Yuu Itoh also worked on the transaction.
The acquisition is expected to close in October 2026, subject to regulatory approvals and fulfilling conditions outlined in the agreement between both parties.
