Cathay Industries entered into a definitive agreement to acquire Iron Oxide Business of Venator Materials PLC on November 14, 2022. The enterprise value of Iron Oxide Business $140 million. Purchase price of $140 million, less closing indebtedness of $20 million plus primary working capital and closing cash adjustments as of the closing date approximately $6 million based upon the latest carve out financial statements.

The transaction is expected to close by the end of the first quarter in 2023. Citi served as financial advisor and Latham & Watkins served as legal advisor to Venator Materials PLC. Citigroup Inc. (NYSE:C) served as financial advisor and Latham & Watkins LLP served as legal advisor to Venator Materials PLC.

UBS Group acted as financial advisor to Cathay Industries in the transaction.