The board of South Africa’s Omnia Holdings says shareholders should accept a US$1.35 billion offer for the company from $21 billion Mumbai-listed mine explosives maker Solar Industries India.
“The combination aligns with Omnia’s strategy to strengthen and grow its businesses, build a scaled global mining solutions platform and expand its sustainable agriculture offering,” Omnia directors said after Solar Industries formalised its cash offer.
“The transaction is expected to accelerate growth across Omnia’s mining and agriculture businesses through enhanced technology, R&D, innovation, scale, market access and customer reach. It will also strengthen manufacturing and supply chain capabilities, enhance resilience and unlock scale-driven opportunities.”
Solar Industries booked FY2026 EBITDA of $308 million on revenue of $1.2 billion, up on $1.02 billion in FY2025. Omnia generated FY26 operating profit of $121 million, up 28% year-on-year, on a 6% yoy lift in revenue to $1.33 billion.
“This is an important milestone in Omnia’s 73-year history,” said Omnia CEO Seelan Gobalsamy.
“Built on a proud South African heritage and entrepreneurial spirit, Omnia has grown from an agriculture business into a diversified international group, drawing on decades of expertise and innovation to build businesses such as BME and take South African innovation, expertise and capability to markets around the world.”
Solar Group CEO Manish Nuwal said: “Omnia is a high-quality business we have long admired, with leading positions in mining and agriculture, differentiated technology and brands, and deep customer relationships built over many years.
“The proposed transaction represents an important step in our international growth ambitions.
“BME brings a strong global mining platform and leading technology in electronic initiation systems that complement our existing industrial explosives business, while Omnia Agriculture provides Solar group with an established position in integrated crop nutrition and biologicals – an attractive sector underpinned by the long-term importance of food security, sustainable agriculture and farm productivity.”
Omnia said the proposed deal had broad shareholder support and was backed by an irrevocable unconditional Rand Merchant Bank guarantee for the cash consideration.
