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Orica announces sale of Minova to Aurelius Group

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Global Mining Review,

Orica has entered into an agreement to sell its Minova business to Aurelius Group, a European based investment firm, for AUS$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.”

The transaction is expected to close in 1Q22, subject to regulatory approvals and other customary closing conditions.

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Australian mining news Mining equipment news