A consortium led by US investment firm KKR has signed an agreement to buy LCY Chemical in a share deal that values the Taiwanese specialty chemicals company at 47.8 billion Taiwanese dollars ($1.56 billion).

LCY’s chairman TH Hong said the proposed deal would provide immediate value to its shareholders along with greater access to capital and operational resources to take LCY to its next level of growth.

The transaction is expected to close in the fourth quarter, subject to the usual conditions and regulatory approvals. Upon completion, LCY will become a private company and delist from the Taiwan Stock Exchange.

KKR said it plans to explore expansion opportunities in new and international markets as well as penetrate new vertical segments. LCY’s focus is on producing thermoplastic elastomers and performance plastics used in infrastructure, healthcare, household, automotive, textile and electronic products, along others.

In May, the Kaohsiung District Court convicted 12 people of negligence, including former LCY Chemical chairman Bowei Lee and five other employees, following a series of gas explosions that rocked the city on Jul. 31, 2014, killing 32 people and injuring 321.

An investigation determined that an underground propylene pipeline belonging to LCY was corroded, causing the gas to leak.