Deals
K+S Nears $3 Billion Sale of Morton Salt Unit to Kissner
- Sale will help K+S meet targets for reducing its debt
- Unit also includes K+S Chile, K+S Windsor Salt in Canada
Photographer: Tim Boyle/Bloomberg
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K+S AG agreed to sell its Morton Salt unit to Kissner Group for $3.2 billion, a move that would provide the German potash miner with much-needed funds to pay down debt.
The company’s Americas salt division -- famous for the “Umbrella Girl” logo -- expects the deal to close in summer 2021, K+S said Monday in a statement confirming a Bloomberg report. K+S shares jumped almost 20%, the steepest intraday rise for more than six months, after the company earlier said it was in advanced talks about the divestiture.