Century City-based private equity firm OpenGate Capital announced an agreement to sell portfolio company, Nakan, for $265 million to Houston-based Westlake Chemical Corp.

Nakan, a chemical solutions business makes products for the automotive, construction and medical industries. It’s based in Reim, France and has eight production facilities in China, France, Germany, Italy, Japan, Mexico, Spain and Vietnam.

Nakan came under OpenGate ownership in 2015 when the latter bought it from French company Arkema SA, manufactures of a wide range of chemicals, according to Bloomberg.

Under the terms of the offer which is subject to exclusivity protection, Westlake will pay approximately $265 million in cash.

“The binding offer will permit Nakan to comply with its consultation obligations with French works councils prior to entering into a negotiated, mutually binding purchase agreement,” the announcement said.

The all-cash deal is expected to close in early 2019 pending regulatory approval.

Manufacturing and trade reporter Shwanika Narayan can be reached at [email protected] or (323) 556-8351. Follow her on Twitter @shwanika.