Freshfields advised ENEOS Holdings on its acquisition of specialty chemicals company TPC Holdings. The transaction is valued at US$1.28 billion, including debt, and is expected to close in October 2026.
Freshfields advised ENEOS Holdings, a Japanese diversified company operating in the oil and metals sectors, on its acquisition of TPC Holdings. The overall transaction value is reported to be US$1.28 billion, including TPC's debt.
The acquisition is expected to be completed through the merger of TPC and a special-purpose company established by a US entity that is a wholly owned subsidiary of ENEOS. Following the acquisition, the combined company is expected to rank third worldwide by butadiene production capacity.
The Freshfields team was led by Nakajima Tomoko (中島智子), head of the firm's Japan M&A practice, and Paul Humphreys, managing partner of the New York office, with several other lawyers also involved.
The acquisition is subject to regulatory approvals and the satisfaction of contractual conditions, and is expected to close in October 2026.