Yara International To Sell Its European CO2 Business - Quick Facts

(RTTNews) - Yara International ASA (YARIY.PK) announced it has signed a non-binding Heads of Terms with Praxair Inc. to sell its European CO2 business for 218 million euros. The agreement also includes a sale of Yara's remaining 34% stake in the Yara Praxair Holding AS joint venture to Praxair for an estimated 94 million euros.

"The CO2 business remains a relatively small part of the broader industrial gas industry, and where Praxair is well positioned to create additional value. The agreement allows Yara to re-deploy management and financial capacity to other value-creating opportunities," said Svein Tore Holsether, CEO of Yara International ASA.

Yara International expects the transaction to close in the first quarter of 2016, with a provisionally estimated post-tax gain of 150 million euros, including the Yara Praxair Holding AS sale.