Solar Industries to Buy Omnia for $1.36B
Indias Solar Industries agreed to acquire South Africas Omnia Holdings for 1.36 billion dollars in cash. The deal aims to expand the explosives makers global mining business across Africa.
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SOLAR INDUSTRIES INDIA LTD agreed on Monday morning to acquire OMNIA HOLDINGS LTD in an all-cash deal worth $1.36B. The transaction expands the explosives maker's footprint across South Africa and into international mining markets. Omnia reported revenue of $1.41B for the fiscal year ended March 31.
The buyout positions Solar Industries to capture rising demand as African nations increase metal extraction. Zambia is targeting a near-tripling of copper production amid surging global metal prices.
