K+S To Sell Fertilizer Unit Compo To Triton
German potash miner K+S will sell its garden fertilizer unit Compo to the European private equity investor Triton, K+S announced late on Monday.
The deal, which gives Compo an enterprise value of €205 million ($291.7 million), is expected to be concluded this summer, K+S said in a statement, adding that it expects a total cash inflow of about €150 million after assumed liabilities from the sale.
For K+S, the sale — which is still subject to approval by the EU antitrust authority — involves a book loss of about €90 million in the second quarter of 2011, the group said.
K+S, the world's fourth-largest potash miner hired Goldman Sachs to undertake a strategic review of the unit in June last year as it focuses on its main salt and potash units.
Compo makes about €400 million in annual sales from specialty fertilizers and potting soil, catering to both professional and retail gardeners, K+S has said.
