Tronox Completes Sale of Alkali Chemicals Business to Genesis

Tronox Limited (TROX) has completed the sale of its alkali chemicals business to Genesis Energy LP (GEL). The purchase price was approximately $1.325 billion inclusive of approximately $106 million of non-cash net working capital. 

"The sale of Alkali Chemicals is an important step in positioning Tronox as the global leader in the titanium dioxide (TiO2) industry. The proceeds will be used to fund the majority portion of the cash consideration for the acquisition of the TiO2assets of Cristal, which is expected to close by the first quarter of 2018," said Peter Johnston, Tronox chief executive officer. 

Credit Suisse is acting as financial advisor to Tronox for both the Cristal and Alkali transactions and Kirkland & Ellis LLP and Willkie Farr & Gallagher LLP are Tronox's legal advisors.