Australian explosives maker Orica said on Wednesday that it has agreed to sell its chemicals unit to Blackstone for A$750 million $648 million.
The US private equity firm fended off competition from rival Bain and also convinced Orica, formerly the Australian arm of Britain’s ICI PLC, not to go down the route of a demerger.
“The certainty as to value and outcome of this transaction is a good result for Orica shareholders,” Orica’s chief executive officer, Ian Smith, said in a statement.
Orica said in August that it had completed a strategic review of its chemicals business and would either...
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