Today, NOVA Chemicals and International Petroleum Investment Company announced that they have signed an acquisition agreement. As terms of the agreement, International Petroleum Investment Company would acquire NOVA Chemicals for a cash consideration of US$6.00 per share.
This acquisition will provide enhanced balance sheet strength for NOVA Chemicals and facilitate NOVA Chemicals' growth internationally. We can provide stability and allow NOVA Chemicals to meet its operational and financial requirements while continuing to expand and invest in its business, commented Managing Director and Board Member, IPIC, H.E. Khadem Al Qubaisi. We believe the cash consideration under the Arrangement is very attractive to NOVA Chemicals shareholders and that the Arrangement is a very positive development for NOVA Chemicals' employees and other stakeholders.
According to the press release, IPIC appreciates the high quality of NOVA Chemicals management and will allow the team to manage the company's operations for continued success and long-term growth. IPIC encourages significant management autonomy while being available at the Board level to provide strategic guidance and governance. IPIC currently has no plans to change the current operations of NOVA Chemicals.
The opportunity to join IPIC comes at a good time for NOVA Chemicals and will enable us to offer both stability and long-term growth to many of our stakeholders, stated Jeff Lipton, NOVA Chemicals' CEO. IPIC is well financed and has a track record of working successfully with companies like ours.
Working with IPIC will enable NOVA Chemicals to continue to build on our world class technology and take it around the world, added Chris Pappas, NOVA Chemicals' President and COO. This Arrangement is a good opportunity for our employees and our customers to grow our business.