Clifford Chance (CC) and Weil Gotshal & Manges are advising on Apax Partners' sale of chemicals distribution company Azelis, a deal that reportedly values the company at about $2bn (£1.5m).

Swedish private equity firm EQT and Canadian pensions fund Public Sector Pension Investment Fund (PSP) announced their intention to buy Azelis – which Apax has owned since 2015 – on Tuesday (19 June), and the deal is expected to close at the end of 2018.

CC private equity partners Spencer Baylin and Amy Mahon are advising EQT on the deal, while US firm Weil is advising PSP, fielding a London team headed by private equity partner Marco Compagnoni.

Simpson Thacher & Bartlett is understood to be advising Apax, which acquired Azelis from 3i in 2015. On that deal, Ashurst advised alongside Simpson Thacher while CC acted for 3i, which owned a majority stake in Azelis.

Other recent law firms to have worked with EQT include Freshfields Bruckhaus Deringer, which last month advised the private equity house on the €7bn merger of hearing-aid makers Sivantos and Widex.

Meanwhile, Allen & Overy last year advised Apax on its £700m acquisition of surface treatment and chemical application provider Safetykleen Europe from private equity fund Warburg Pincus.