Saudi Aramco, a world-leading integrated energy and chemicals company, completed acquisition of LANXESS‘s interest in ARLANXEO Holding B.V., a Netherlands-based specialty chemicals joint venture between Saudi Aramco and LANXESS AG, a leading German specialty chemicals company, launched in 2016. All relevant authorities have granted approvals for the transaction which was first announced in August 2018. Saudi Aramco’s purchase of LANXESS’s 50% share in ARLANXEO, valued at €1.5 billion on an enterprise value basis, makes it 100% owner of ARLANXEO, enabling further diversification of Saudi Aramco’s downstream portfolio, and strengthening the company’s capabilities across the energy and chemicals value-chain. Abdulaziz Al-Judaimi, Saudi Aramco Senior Vice President of Downstream, commented on the acquisition by saying: "Full ownership of ARLANXEO will further diversify Saudi Aramco’s downstream portfolio and strengthen capabilities along the energy and chemicals value chains. I am positive about the upside and the future of product innovation that will serve our customers around the world."