The sale will allow Orica to focus on four key business growth verticals
Gilbert + Tobin (G+T) has advised ASX-listed explosives company Orica on the sale of subsidiary Minova to European investment firm Aurelius Group for $180m.
Minova is a leading global manufacturer of resins, grouts, anchors, adhesives and support equipment for mining, tunnelling, and construction industries. According to Orica managing director and CEO Sanjeev Gandhi, the sale will allow Orica to focus on its four key business growth verticals – 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,” Gandhi said.
Orica received a total of $149m after allowing for debt and debt-like items. The transaction was completed on 28 February.
G+T advised on several aspects of the transaction.Partner Ben Macdonald led the M&A team, with assistance from lawyers Keara Stretton and Eugene Teo.
The team also included Gina Cass Gottlieb and Andrew Low (competition and anti-trust); Amanda Hempel and Tim Dobson (property); Mike Caplan and Matt Hargraves (IT and transitional arrangements); Ben Fuller (environmental law); and John Lee and Lisa Lennon (IP).
The G+T team worked alongside Orica’s M&A and legal teams, as well as law firms across Austria, Canada, Chile, Czech Republic, Germany, India, Kazakhstan, Poland, Russia, South Africa, Spain, Sweden, Switzerland, UK, and US.
