Netherlands-based polypropylene and advanced polyolefin products producer Basell has signed an agreement to acquire chemicals and pigments manufacturer Huntsman Corporation, in a transaction valued at approximately $9.6 billion, including the assumption of debt.

Under the terms of the agreement, Basell will acquire all of the outstanding common stock of Huntsman for $25.25 per share in cash. The transaction is subject to customary closing conditions and the approval of Huntsman shareholders.