Chemicals company Sasol announced Monday that the Competition Tribunal approved the deal by Sasol South Africa Limited to dispose of its 16 Air Separation Units (ASUs) located in Secunda to Air Liquide Large Industries South Africa.
Sasol in last September had informed the market that its unit Sasol South Africa had concluded a sale of business agreement with Air Liquide regarding the disposal.
Sasol now said the Tribunal approved the deal in their ruling following a hearing held on June 8.
The tribunal had carefully considered factors relating to the future ownership of the units, including the companies’ joint procurement of renewable power of up to 900 MW, decarbonisation investments by Air Liquide.
All the suspensive conditions to the deal have now been fulfilled.
Sasol’s will use the more than R8.5-billion ($610 million) payment from Air Liquide to repay debt.
The ASUs produce both industrial and specialty gases mainly for internal use by Sasol, and also produce a small percentage of liquid oxygen and liquid nitrogen.