Imerys is close to acquiring ACE

French major Imerys is close to acquiring ACE Refractories, erstwhile ACC Refractories, for nearly Rs 550 crore.

ICICI Ventures, the country’s largest private equity fund, had purchased the refractory division of the cement major ACC two years ago for Rs 257 crore and rechristened it as ACE Refractory. Through this deal, ICICI Ventures would be able to double its investment in the company in two years.

Sources close to the development said Euronext-listed Imerys, which is the world’s largest industrial metals company, would acquire the entire shareholding of ICICI Ventures in ACE Refractory. A deal to this effect is likely to be announced shortly. Imerys is listed with Euronext Paris.

They said the investment vehicle for Imeys for the deal would be Calderys, the refractory solutions company of Imerys. Calderys, one of the major players in the global refractory space, was created through the merger of Plibrico International and Lafarge Refractories.

Read more in The Business Standard article.