Orica announced that it has entered into an agreement to sell its Minova business to Aurelius Group, a European based investment first, for A$180 million, subject to transaction costs and customary completion adjustments.
This announcement follows Orica’s announcement in May 2021 of its intentions to pursue a sale, and the global sale process subsequently undertaken by Orica and its advisors.
Orica Managing Director and CEO Sanjeev Gandhi said: “The sale of Minova is consistent with our refreshed strategy, which identified Minova as non-core to Orica. This allows us to focus on our four key business verticals of growth - mining; quarry and construction; digital; and mining chemicals. The Minova business will benefit from new ownership with more focus and capital to support its growth.”
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