Tronox to Acquire Cristal’s Titanium Dioxide Business for $1.673 Billion

February 21, 2017

Willkie advised Tronox on the financing-related components of the proposed transaction.

On February 21, Willkie client Tronox Limited announced that it has agreed to acquire the titanium dioxide, or TiO(2), business of Cristal, a privately held global chemical and mining company, for $1.673 billion of cash and Class A ordinary shares representing 24 percent ownership in pro forma Tronox. Concurrently with this announcement, the company announced its intent to begin a process to sell its Alkali business. The cash portion of the purchase consideration is expected to be funded through proceeds from the sale of assets, including the sale of Alkali and selected other non-core assets if appropriate, and cash on hand. The combination of the TiO(2) businesses of Tronox and Cristal creates the world's largest and most highly integrated TiO(2) pigment producer with assets and operations on six continents.

Willkie advised Tronox on the financing-related components of the proposed transaction.

Tronox Limited is a global leader in the mining, production and marketing of inorganic minerals and chemicals. The company's TiO(2) business operates four chemical manufacturing plants in three countries, and operates mines in South Africa and Australia. Tronox Alkali operates two trona ore mines and seven inorganic chemical manufacturing sites in the United States.

Cristal (also known as The National Titanium Dioxide Company Limited) operates eight manufacturing plants in seven countries on five continents. 

The Willkie deal team was led by partner Leonard Klingbaum and included partner Joshua Deason and associate Mia Ellis.