Houston-based Westlake Chemical Corp. announced on Monday plans to purchase the North American building products businesses of Boral Industries.
Boral Industries, a wholly owned subsidiary of Sydney, Australia’s Boral Limited, will part with the businesses that span roofing; siding, trim and shutters; decorative stone; and windows for $2.15 billion in cash.
Baker Botts is advising Westlake in the transaction with a Houston-based corporate team led by Houston partners Tim Taylor and Carina Antweil with senior associate Lakshmi Ramanathan and associates Rob Cowan, Will Cozzens and Bryson Manning.
Other Texas-based lawyers on the deal team include by Dallas associate Taylor Courtade on finance matters; Houston partner Jon Lobb and Dallas associate Snow Rui on tax matters; Houston partner Gail Stewart and associate Gabriela Alvarez on employee benefits; Dallas partner Jennifer Trulock and staff attorney Leanne Thoreson on labor and employment; Houston partner Liz Flannery, special counsel Michelle Eber and associate Fred Carbone on intellectual property; Houston partner Connie Simmons Taylor and associate Austin Jennings on real estate; Houston partner Scott Janoe and associate Cole Killion on environmental matters; and Houston partner Kevin Jacobs and associate Kristina Vu on litigation.
L. Benjamin Ederington serves as senior vice president, general counsel, chief administrative officer and corporate secretary. Prior to joining Westlake, Ederington worked with chemical giant LyondellBasell Industries and its predecessor companies, in addition to practicing at Steptoe & Johnson.
Deutsche Bank Securities is counseling Westlake on financial matters with managing directors of mergers and acquisitions John Anos and Leandro Comparini leading the effort.
Alston & Bird is providing Boral with legal advice, while BofA Securities is acting as financial advisor.
Darren Hauck, partner in charge of the Alston & Bird’s Dallas and Fort Worth offices and a member of the corporate practice, led the transaction for the firm.
Westlake, which manufactures and supplies materials for a broad array of industries, is looking to the acquisition of the businesses to increase scale, product and geographic diversity, and growth prospects tied to housing-related efforts in North America.
Should the deal close, Westlake will be better positioned to capitalize on an already thrumming residential construction market.
The transaction has already been approved by both boards of directors, and is expected to close in the second half of the year, pending customary closing conditions.