Philadelphia-based FMC Corporation said it had inked a definitive agreement to divest its Peroxygens business to One Equity Partners or OEP in a deal worth about $200 million. The transaction is expected to be completed in the first quarter of next year after the closing conditions and necessary regulatory approvals have been met.

A diversified chemical company, FMC Corporation serves the worldwide environmental, agricultural, industrial and consumer markets. It posted annual sales of about $3.4 billion last year and currently has a 6,000-strong workforce working around the world. The three business segments which it operates in are FMC Agricultural Solutions, FMC Health and Nutrition, and FMC Minerals.

Meanwhile, One Equity Partners is the private investment unit of Wall Street lender JPMorgan Chase & Co. Established in 2001, OEP manages around $14 billion in commitments and investments exclusively for JPMorgan Chase & Co. OEP formers long-term partnerships with various firms in order to create sustainable value through organically and inorganically- driven growth.

According to the statement about the agreement, FMC streamlined its organizational structure to be able to concentrate on its three primary business segments. These core businesses are a reflection of the markets where FMC Corp participates and leads in and where it believes it will be able to grow in the future. While FMC Peroxygens is successful, the statement it did not strategically fit with its platform for growth.

FMC President, Chief Executive Officer and Chairman Pierre Brondeau said, "We're pleased to sell our Peroxygens business to a successful and respected investment firm, One Equity Partners. This transaction will help unlock the growth potential of the Peroxygens business with focused attention and investment, while allowing FMC to direct our resources to core segments in crop protection, health and nutrition technologies, alkali chemicals and lithium."

The financial advisor for FMC was Citi while the Sole Lead Arranger on the financing for the deal was Macquarie Capital.