King & Wood Mallesons is delighted to have assisted longstanding client Dyno Nobel on signing and announcing key strategic deals in relation to its Incitec Pivot Fertilisers business.
Our KWM M&A team acted as lead legal adviser to Dyno Nobel on:
- The separation and sale of Dyno Nobel’s fertiliser distribution business for gross proceeds of $375 million to ASX-listed Ridley Corporation.
- A $145 million sale of the Perdaman offtake agreement to Macquarie Group’s Commodities and Global Markets business.
Dyno Nobel also announced the conditional sale of the Gibson Island land for gross proceeds of $194m to an undisclosed ASX-listed property developer, with total expected gross proceeds from the three transactions up to $835 million.
Completion of the Ridley and Perdaman transactions is expected in Q3 2025 and the Gibson Island land sale is expected to complete before the end of September 2025.
These deals are a key milestone in Dyno Nobel’s strategy of separating the Incitec Pivot Fertilisers business from its core global explosives business.
KWM's deal team was led by Partner Will Heath and Senior Associate Sam Dimopoulos, with support from Simon Cooke (competition and regulatory), Chris Dynon (project finance and banking), Mark Beaufoy (environment), Craig Rogers (energy), Annamarie Rooding (employment), Emily Masters (property), Greg Protektor (tax) and the wider team.
Commenting on the deal, partner Will Heath said:
'KWM has had the pleasure of supporting Dyno Nobel, formerly Incitec Pivot, for over two decades. Longstanding, trusted relationships like these allow us to understand deeply our client’s strategic priorities and apply unrelenting focus on successfully achieving outcomes. It is no small feat for Dyno Nobel to reach three agreed M&A deals in a challenging macroeconomic and geopolitical environment.
Congratulations to Dyno Nobel on a significant step forward in its vision for the future.'
KWM’s Mergers & Acquisitions team is ranked #1 for M&A Asia Pacific by deal value Mergermarket (excluding Japan) and Refinitiv.
