ADNOC and OCI enter into a binding agreement for ADNOC to purchase OCI’s entire stake in Fertiglobe for $3.62 billion, with the transaction expected to complete in 2024
Agreement will make ADNOC the majority shareholder in Fertiglobe, increasing its shareholding to 86.2%, with 13.8% remaining in free float on ADX
Transaction supports ADNOC’s ambitious chemicals growth strategy and its plans to establish a global growth platform for ammonia; will enable Fertiglobe to accelerate the pursuit of new market and product opportunities
Additionally, ADNOC and OCI to explore opportunities to cooperate on projects in the US, on ammonia imports into Europe and broader development of the low-carbon ammonia market
Under the terms of the deal, Adnoc will purchase OCI’s 50% + 1 share stake in Fertiglobe at a price of AED 3.20 per share, representing a total purchase price of AED 13.28 billion ($3.62 billion).
Khaled Salmeen, Executive Director, Downstream, Marketing & Trading Directorate at ADNOC, said: “Working in close partnership with OCI since 2018, we have successfully listed and grown Fertiglobe into the world’s largest seaborne exporter of ammonia and urea fertilizers. Today’s agreement reinforces ADNOC’s long-term commitment to Fertiglobe and our continued focus on delivering growth and maximizing value for the company’s shareholders. This important transaction supports ADNOC’s ambitious chemicals growth strategy and accelerates our plan to establish a global growth platform for ammonia and clean ammonia.”
