February 21, 2017 / 2:40 PM / 6 months ago

BRIEF-Saudi's Tasnee unit to sell titanium dioxide business to Tronox for $1.67 bln cash

Feb 21 (Reuters) - National Industrialization Company :

* Unit Cristal enters into agreement to sell domestic, international titanium dioxide business to Tronox for cash and newly shares

* Deal in return for $1.673 billion cash and 37.6 million of newly issued class A shares in Tronox

* Closing of deal is expected to occur within 15 months from the date hereof, subject to regulatory approvals

* Size of the company board of directors will remain unchanged at nine members

* Tom Casey will remain chairman and chief executive officer of combined business

* As result of transaction, using cash consideration, Cristal shall fully repay its bank debt of $1.673 billion outstanding in Saudi Arabia

* HSBC Saudi Arabia and Perella Weinberg partners are acting as financial advisors

* Transaction will significantly deleverage Tasnee consolidated balance sheet from 6.0x to 4.5x pro forma Dec 2016 post transaction

* Actual impact on net income and shareholders equity shall be determined at the date of closing of this transaction Source text ID: (bit.ly/2lHLj7E) Further company coverage:

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