U.S. diversified holding company Icahn Enterprises L.P. has agreed to sell its majority-owned subsidiary Ferrous Resources Limited, Inc for approximately $550 million.

Brazil's Vale SA, the world’s top nickel producer, is acquiring the control of Ferrous Resources Ltd.

The transaction will close in 2019 and is subject to antitrust approval in Brazil.

Brazilian company Ferrous Resources has mineral assets in Minas Gerais and Bahia states of Brazil.