Speciality chemicals company Elementis Plc said on Tuesday it would buy Mondo Minerals from U.S. private equity firm Advent International for an enterprise value of $500 million (384 million pounds), lower than the $600 million it had agreed in June.

"Following engagement with our shareholders, we have agreed terms of a revised deal with Advent that we believe represents compelling value," Chief Executive Office Paul Waterman said.

Elementis said in June that it would buy Amsterdam-based Mondo to expand into talc additives used in a range of products from plastics to cosmetics.

Mondo, which owns talc mines in central Finland, makes industrial talc additives, used to strengthen plastics, provide corrosion resistance to coatings, oxygen barrier to food packaging and UV protection to cosmetics.

Elementis said it expected the deal to add to adjusted earnings per share in the first full year of ownership.

The chemicals company also said the deal had received strong support from its top shareholders including Threadneedle Asset Management and APG Asset Management and written confirmation of support from two more of its top five investors.

Elementis said the acquisition of Mondo will be funded by an about $230 million rights issue and debt facilities of $775 million. It had earlier expected a rights issue of $280 million.