Keppel Infrastructure says it is preferred bidder for Blackstone’s Ixom: Reuters

Singapore’s Keppel Infrastructure Trust (KEPL.SI) said it has been selected as the preferred bidder for Blackstone Group’s (BX.N) sale of Australian chemical firm Ixom Holdco Pty Ltd.

Keppel will complete any final stage due diligence and enter into negotiations to finalize the share sale agreement, it said in a statement late on Monday. The business trust’s portfolio includes the producer and retailer of piped town gas in Singapore and waste-to-energy plants.

Keppel did not give financial details, but the Australian Financial Review reported on Monday the potential deal would be worth about A$1 billion ($706 million).

Ixom manufactures and distributes water treatment products and other chemical products.

Blackstone funds purchased the business from Orica Ltd(ORI.AX), the world’s top supplier of commercial explosives, for A$750 million in 2015.