UPDATE, 11/8/12, 6:45 p.m., EST: Additional Mayer Brown partners advising Gulf Oil have been added to the article’s fourth paragraph.

India’s Gulf Oil Corporation Ltd. said Wednesday it has reached an agreement with private equity firm AEA Investors to purchase Norristown, Pennsylvania–based chemicals and lubricants manufacturer Houghton International Inc. for $1 billion.

Houghton, which AEA acquired for an undisclosed amount in 2007, makes specialty chemicals and lubricants used in the processing of metals. The company operates 12 manufacturing facilities in 10 countries and caters to clients in a variety of industries, including the automotive and energy sectors.

Hyderabad, India–based Gulf Oil—which is owned by the Hinduja Group—sells lubricants and greases used by the automotive industry. (The Hinduja Group owns the rights to the Gulf brand outside of the United States, Spain, and Portugal.) Gulf Oil plans to leverage Houghton’s position in the North American, European, and Asian markets, according to the company’s announcement of the acquisition.

Mayer Brown is advising Gulf Oil on the deal with a team led by New York–based corporate partner Edward Davis and London-based finance partner Edmund Parker. That team also includes tax partner Jason Bazar, employment and benefits partner Debra Hoffman, intellectual property partner Richard Assmus, government and global trade partner Simeon Kriesberg, litigation partner Kevin Desharnais, and corporate partners Todd Bowen and Mark Stevens. Partners Adrian Steel and Scott Perlman are advising on antitrust aspects of the deal.

Houghton is being represented by New York–based Fried, Frank, Harris, Shriver & Jacobson corporate partner Christopher Ewan. Fried Frank has advised Houghton’s former parent, AEA, on such past deals as its 2006 acquisition of a stake in food marketing company Acosta. The firm also represented Houghton two years ago on its purchase of a metal works division from Royal Dutch Shell for an undisclosed price.