Australia’s Orica is to buy Cyanco from an affiliate of Cerberus Capital Management for $640 million, 7.5x 2023 EBITDA, on a cash-free, debt-free enterprise value basis. This will be funded by existing cash and undrawn committed debt facilities, plus an A$400 million underwritten institutional placement.

Synergies of about $100 million are expected three years after completion. This is expected to be at the end of the 2024 financial year, subject to the expiration of certain regulatory waiting periods and other customary closing conditions.