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Apollo plans to buy Tasnee’s partially-owned Tronox for over $4bn

Apollo plans to buy Tasnee’s partially-owned Tronox for over $4bn
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TASNEE
2060
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Riyadh – Mubasher: Apollo Global Management has made an offer worth $4.3 billion to purchase Tronox Holdings, in which National Industrialization Company (Tasnee) owns 24% stake through a subsidiary.

Private equity firm Apollo offered $27 per share to buy Tronox, which has hired advisers to consider the bid, Reuters reported.

Stamford, Connecticut-based Tronox has not yet decided about its next steps regarding this offer, according to sources familiar with the matter.

In 2019, Tronox had acquired the titanium dioxide business of Saudi Arabia's National Titanium Dioxide Company from the Saudi listed Tasnee, which is currently Tronox's biggest shareholder.

Tronox makes titanium dioxide pigment and other chemicals that are used to add brightness and durability to paints, plastics, and paper.