Hogan Lovells is advising private equity firm Advent International on its sale of German chemicals producer Oxea to state-owned Oman Oil Company.

Vinson & Elkins is representing Oman Oil on the acquisition, which was announced Thursday. The companies did not release financial terms of the deal, but Bloomberg—citing anonymous sources— puts the price tag for Oberhausen, Germany–based Oxea at $2.4 billion.

Oxea makes a variety of chemicals—including alcohols, polyols, and carboxylic acids—used to make such products as lubricants, cosmetics, pharmaceuticals, and fragrances. Oman Oil said the acquisition is part of the country’s goal to diversify its economy and reduce dependence on oil. Oxea—which formed through the 2007 combination of units from two previous Advent acquisitions, Celanese and the predecessor company of Evonik Industries—generated roughly $2.04 billion in sales last year.

The deal is the latest large transaction involving chemical producers. Platform Acquisition Holdings said late Thursday that it is paying $1.8 billion to acquire specialty chemicals company MacDermid Group, and The Dow Chemical Company followed that up with its Friday announcement of the $500 million sale of its polypropylene licensing and catalyst unit to W.R. Grace & Co., according to our prior reporting.

V&E is advising Oman Oil with a team led by London-based M&A partner Jeffrey Eldredge and energy transactions partner Rob Patterson in Beijing. Antitrust partner William Vigdor, real estate partner Sanford Weiner, and finance partner Mark Coker are also working on the deal, along with associates Kevin Atkins, Anna Chard, and Emilie Hawker. Mark Douglas Gelinas serves as Oman Oil’s general counsel.

V&E’s previous work for Oman Oil includes representing the company in connection with its $1.2 billion purchase of an 8 percent stake in Hungarian oil company MOL Group in 2008.

For its part, Advent turned to a team of Hogan Lovells attorneys led by Frankfurt-based private equity partner Joachim Habetha. The firm’s corporate team includes partners Philip Cheng, Alexander Cobey, Amit Nayyar, Jean-Michel Schmit, Imtiaz Shah, Jens Uhlendorf, and counsel Robert Darwin. Antitrust partners Adrian Emch and Christoph Wünschmann are also advising, along with tax partner Michael Dettmeier, tax counsel Stefan Schultes-Schnitzlein, and associates Jens Christian Böttcher and Laura Philipp.

In the past, Hogan Lovells’s Habetha has advised Advent on its joint $1.6 billion purchase with The Carlyle Group of metals and powders company H.C. Starck from Bayer in 2006 as well as the 2009 acquisition of a majority stake in GFKL Financial Services for an undisclosed amount.