Cinven, the European private equity house, will acquire two chemical divisions of Burmah Castrol, a unit of UK oil and energy conglomerate BP, for £204m (€334.6m) in equity and debt.

Cinven will acquire Burmah Castrol's Metallurgical Chemicals division, which is primarily involved in providing products and services to the foundry, casting, and steel industries. The private equity house will also acquire the company's Releasant Chemicals division, which manufactures release agents used in making engine blocks and tyres, among other products.