American Industrial Partners has reportedly purchased Arrium’s Moly-Cop grinding media business for $US1.23 billion (about $1.6 billion) according to a report this morning.
The Australian Financial Review’s Street Talk column has reported the news, without mentioning a source.
The buyer is a US private equity firm, which “invests in industrial companies with operations in the United States and Canada” according to Reuters. It had previously been speculated that Moly-Cop was most likely to float on the ASX.
Moly-Cop has been referred to as the “crown jewel” of the Arrium group’s assets.
Arrium went into administration in April, owing $4.3 billion. Its other assets are being sold separately. A creditors’ meeting is being held today.