The acquisition had been subject to European Commission clearance, which was given last month.
CEO Graham Beesley described the sale of oxo alcohols, which are mainly used to produce acrylic esters, diesel additives, paints, and to make lubricants, as a core business for INEOS Oxide.
The deal will also see INEOS take full ownership of Oxochimie, its 50:50 joint venture with the French chemicals group.
Oxochimie has a site in Lavéra, where it produces butanol and 2-ethyl hexanol.
“We’re looking forward to integrating the Oxochimie joint venture and growing our global market presence in oxo alcohols, aldehydes and derivatives,” said Graham.