Orica announces sale of Minova to Aurelius group

Media Release

Orica (ASX: ORI) today announced that it has entered into an agreement to sell its Minova business to Aurelius Group (ETR: AR4), a European based investment firm, 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.”

The transaction is expected to close in the first quarter of calendar year 2022 subject to regulatory approvals and other customary closing conditions.