ENEOS Holdings officially announced on Aug. 7 that it will acquire Texas-based TPC Holdings, Inc., in a deal Nikkei estimated at about ¥200 billion, although both companies declined to disclose the purchase price. The transaction is set to be carried out through a merger in which a special purpose company established by ENEOS will be dissolved, after which ENEOS’s U.S. subsidiary will hold TPC as a consolidated subsidiary. Closing is scheduled for October 2026, subject to regulatory approvals. The acquisition would add TPC’s petrochemical plant in Houston and terminal facilities in Port Neches, Texas, and Lake Charles, Louisiana, while deepening ENEOS’s position in the petrochemical C4 value chain and broadening its U.S. presence. TPC is North America’s largest independent C4 hydrocarbon processor and the region’s top supplier of butadiene and chemical raffinate. ENEOS said the purchase supports its medium-term push to make its base and materials businesses core earnings pillars, secure a stable North American butadiene supply as Asian markets tighten, and expand in a U.S. chemicals market it described as roughly eight times the size of Japan’s and supported by low-cost shale-based feedstocks. For the fiscal year ended December 2025, TPC Group, Inc. reported revenue of ¥238.7 billion, operating profit of ¥50 million and net assets of ¥50.5 billion. ENEOS said the deal would lift the group’s butadiene production capacity to the world’s third-largest scale. The companies said they will continue operating separately until closing, with no planned changes to daily operations, customer contracts or supplier relationships, while ENEOS signaled continued investment in TPC’s assets, downstream capabilities and broader North American growth opportunities.