Singapore-based Keppel Infrastructure Trust is close to a deal to acquire Australia-based chemical company IXOM Ltd., Bloomberg reported, citing people with knowledge of the matter.

IXOM is controlled by Blackstone Group LP, according to the report. In August, sources told Bloomberg that IXOM could be sold for more than $1 billion. Orica Ltd. announced in November 2014 that it agreed to sell the chemicals business to Blackstone for A$750 million.

Neither Keppel nor Blackstone commented directly on the potential sale, according to the report.