Lindsay Goldberg, York Capital Management and PetroLogistics’ management will sell their shares for $12 apiece, while the remaining stake will be sold for $14 per share.
The deal values the Houston-based company, which was backed by Lindsay Goldberg in 2008, at $2.1bn including debt.
PetroLogistics bought Exxon Mobil’s Houston Olefins plant and is converting it into a propylene plant, which will convert propane into propylene.
The plant will be located close to a third of the US propylene consumption.
Earlier this month it was reported that another company backed by Lindsay Goldberg, payment processor First American Payment Systems, cancelled its sale.
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