Incitec Pivot Ltd (ASX:IPL) has announced that it has entered into an agreement to acquire 100% of the shares in Explinvest, the holding company of Titanobel Group, a leading industrial explosives manufacturer and drilling, blasting and technical services provider based in France. The purchase price of A$142m, on a debt free and cash free basis, represents an expected acquisition multiple of 7.8x FY20 EBITDA. The acquisition will be funded from IPL?s existing cash and debt reserves.

Following the announcement, shares of Incitec Pivot Ltd traded 2.12% higher at $3.37/share.