The Carlyle Group and Huo's Group have agreed to acquire Tongyi Lubricants from Royal Dutch Shell (NYSE: RDS), according to reports. Shell currently owns 75% of the company, with the remainder being held by Huo's Group. The transaction comes as Shell is in the process of restructuring its downstream division to focus on fewer assets and operations. Tongyi, a supplier and blender of lubricants with plants, was reported to be valued around $500 million in late 2014; however, recent rumors have hiked that price to about $620 million. The deal is expected to close in late 2015 or early 2016.