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ICL closes US$1B sale of noncore units, flags US$840M capital gain in Q1

Israel Chemicals Ltd. completed the sale of its fire safety and oil additives business units to SK Capital for about US$1 billion, it said March 28.

As a result, the company expects to book a capital gain of about US$840 million in the first quarter.

"This transaction is in line with [Israel Chemicals'] strategy to divest low synergy businesses, to focus on our core mineral chains and to expand in advanced agriculture solutions," said Johanan Locker, the company's executive chairman.

Israel Chemicals intends to use the proceeds to cut its debt and create resources to realize growth opportunities, Locker added.

Bank of America Merrill Lynch acted as exclusive financial adviser, and Latham & Watkins acted as legal adviser to the company.