By Jaime Llinares Taboada

 

Sasol Ltd. said Tuesday that it has agreed to sell its 50% stake in polyethylene business Gemini HDPE LLC for $404 million.

The South African petrochemical-and-energy company said the buyer will be a new entity to be formed by INEOS Gemini HDPE Holding Company LLC. The transaction is expected to close by Dec. 31.

Sasol said that the deal helps it to focus on specialty chemicals and reduce net debt. The money received will be used to repay near-term debt obligations, it said.

Gemini is a Texas-based business that produces and sells bimodal high-density polyethylene.

 

Write to Jaime Llinares Taboada at jaime.llinares@wsj.com; @JaimeLlinaresT

 

(END) Dow Jones Newswires

November 24, 2020 01:21 ET (06:21 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.
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