Nova Chemicals Corp said on Monday that it agreed to be bought by International Petroleum Investment Company in a deal which valued it at about $2.3 billion including debt.

The deal sees IPIC, wholly owned by the government of the Emirate of Abu Dhabi, paying $6.00 a share for all of the outstanding shares of Nova Chemicals.

Nova currently has 82.3 million shares outstanding, according to Reuters.

Nova closed on Friday at $1.34 a share in New York.

($1=$1.25 Canadian)

(Reporting by Scott Anderson)