Oxy Low Carbon Ventures, LLC entered into a definitive purchase agreement to acquire remaining 67.83% stake in Carbon Engineering Ltd. from i(x) Net Zero Plc (AIM:IX.) and others for approximately $1.1 billion on August 15, 2023. Oxy Low Carbon Ventures will acquire all the outstanding equity of Carbon Engineering for total cash consideration of approximately $1.1 billion, to be made in three approximately equivalent annual payments, with the first at closing. Upon closing, Carbon Engineering would become a wholly owned subsidiary of Oxy Low Carbon Ventures. Carbon Engineering?s personnel will continue to drive ongoing DAC technology development efforts and work closely with the Occidental Petroleum Corporation (NYSE:OXY) and 1PointFive teams to bring DAC solutions to market. Carbon Engineering?s research and development activities and Innovation Center will remain in Squamish, British Columbia. The transaction is subject to Canadian court reviews, Canadian and U.S. regulatory approvals and other customary closing conditions. The transaction is expected to close before the end of 2023. John Greer, Bill Finnegan, Tim Fenn, Joshua Marnitz, Krisa Benskin, Jason Cruise, Peter Todaro, and Michelle Gross of Latham & Watkins LLP acted as legal advisor to Occidental Petroleum, the parent company of Oxy Low Carbon Ventures. Roger Morscheiser of Shearman & Sterling has acted as legal advisor to Carbon Engineering. Kent Kufeldt, Randy Morphy, Siwei Chen, Denes A. Rothschild, Samantha Stepney, James Fu, Rick Williams, Jacky Wong, Sepideh (Sep) Alavi and Steve Warnett of Borden Ladner Gervais LLP acted as legal advisor to Oxy Low Carbon Ventures, LLC. Max Hartley and Harry Pardoe of Canaccord Genuity Limited acted as Financial advisor of Net Zero. JPMorgan acted as financial advisor for Occidental.

Oxy Low Carbon Ventures, LLC completed the acquisition of remaining 67.83% stake in Carbon Engineering Ltd. from i(x) Net Zero Plc (AIM:IX.) and others on November 3, 2023. Occidental made the first payment of $355 million on closing. The remaining two payments will be paid on the first and second anniversaries of closing.