Hills Limited (ASX:HIL)
says it has inked interdependent agreements to sell its Fielders and Orrcon steel businesses to BlueScope Steel Limited (ASX:BSL)
for $87.5 million.
The agreements come on the back of the ACCC’s announcement this morning that it will not oppose the proposed acquisition of Fielders.
The competition watchdog approved the sale of Orrcon late last year.
Under the deal, net cash proceeds are expected to be about $80 million.
Hills Managing Director and CEO Ted Pretty says the transactions are expected to proceed to completion over the coming weeks.
Hills booked a net loss of $91.4 million in fiscal 2013.