Chemical producer LB Group clears all regulatory hurdles to acquire titanium dioxide assets from Venator Materials UK

Compass Lexecon assisted LB Group, a Chinese chemical producer of titanium dioxide pigments, in relation to its acquisition of certain titanium dioxide business-related assets from Venator Materials UK Limited. We supported submissions in several jurisdictions globally. The transaction completed on 27 April 2026, after the parties received unconditional regulatory approvals by all relevant authorities.

Situation

LB Group is a leading manufacturer of high-performance titanium dioxide (TiO₂) pigments. With over 35 years of TiO₂ pigment manufacturing experience, LB Group manufactures a wide range of TiO₂ pigments for all major applications using the sulfate process and the chloride process. Venator is a global specialty chemical company, that supplies TiO₂ pigments and other performance additives.

In October 2025, LB Group signed an Asset Purchase Agreement to acquire Venator Materials UK’s TiO₂ business-related assets in the UK, including real estate, machinery, spare parts, business records, intellectual property, inventory, and other related assets.

Our role

We acted as economic adviser to LB Group in relation to the acquisition. We supported submissions in several jurisdictions, including competition authorities in relevant EU Member States, as well as in a number of other jurisdictions across the world.

The regulatory approval process involved complex and detailed market and competition analysis across multiple jurisdictions. We worked closely with the legal team to help LB Group address questions and communications from the relevant authorities and support the timely and successful approval of the transaction.

Outcome

The transaction received unconditional regulatory approvals in all relevant jurisdictions. LB Group officially completed the acquisition on 27 April 2026.

The team

The Compass Lexecon team was led by Vanessa Zhang, with the support of Cecilia Li, Richard Zhao, Lily Chang, Luna Lu, William Bian, and Janet Cao.

They assisted LB Group’s external regulatory counsel, Clifford Chance He Ping Joint Operation Office, which was led by partner Yong Bai. The core team also included Xiang Li, Counsel at Shanghai He Ping Law Office, and Ziwen Wang from Clifford Chance’s Beijing office. Team members from Clifford Chance’s international offices and local cooperating firms also supported the transaction. Key team members included Michael Yan and Yiyang Wang in Beijing, Jennifer Storey and Michael Rueter in London, Anastasios Tomtsis in Brussels, Dimitri Slobodenjuk in Düsseldorf, Katrin Schallenberg in Paris, Iwona Terlecka in Warsaw, Miguel Odriozola and Begoña Barrantes in Madrid, Majid Alsheikh in Riyadh from AS&H Clifford Chance, Itir Ciftci in Istanbul from CE Partners in association with Clifford Chance, and Sabra Ferhat in Dubai, among others.