Genesis Energy LP said Aug. 2 it will buy Tronox Ltd’s alkali business, the world’s largest producer of natural soda ash, for about $1.33 billion in cash to expand into the chemicals sector.

Genesis said it would raise about $750 million through a convertible preferred units issue to fund the deal. The company received binding commitments from investment vehicles affiliated with KKR Global Infrastructure Investors II LP and GSO Capital Partners LP for the purchase of the 8.75% units.

KKR and GSO will buy about 22.2 million units at $33.71 each, Genesis said.

Tronox’s alkali business produces about 28% of the world’s natural soda ash output. Soda ash or sodium bicarbonate is used in the making of glass, baked goods, detergents and a variety of other industrial chemicals and products.

Houston-based Genesis, a diversified midstream energy MLP, also said its second-quarter net income attributable rose $10 million to $33.7 million.

Tronox said it would use the proceeds from the sale to fund most of the cash needed to buy Cristal’s titanium dioxide business.

In February, Tronox agreed to buy the titanium dioxide business, a subsidiary of Saudi Arabia’s Tasnee, for $1.67 billion, making Tronox the world’s largest producer of the whitening pigment.