Viva Energy Group Limited (ASX:VEA) agreed to acquire LyondellBasell Australia Pty Ltd. for approximately AUD 40 million from LyondellBasell Industries N.V. (NYSE:LYB) on April 13, 2022. As per the terms of the transaction The initial purchase price is AUD 15 million, subject to customary adjustments at completion, with an agreed earnout mechanism across a 6-year period of AUD 25 million. The business is strongly complementary to Viva Energy's refining operations, with the refinery's propylene production utilized as the feedstock in LBA's existing manufacturing operations.

the transaction is subject to regulatory approval. DLA Piper Australia Pty Ltd acted as legal advisor to LyondellBasell Industries N.V. (NYSE:LYB) in the transaction.