- ADNOC and OCI have agreed for ADNOC to purchase OCI’s entire stake in Fertiglobe for USD 3.62 billion, with the transaction expected to complete in 2024
- The agreement will make ADNOC the majority shareholder in Fertiglobe, increasing its shareholding to 86.2%, with 13.8% remaining in free float on ADX
- Additionally, ADNOC and OCI will explore opportunities to cooperate on projects in the US, on ammonia imports into Europe and broader development of the low-carbon ammonia market
The Abu Dhabi National Oil Company (ADNOC) and OCI Global announced that they have entered into a sale and purchase agreement for the acquisition by ADNOC of OCI’s entire majority shareholding in Fertiglobe. Fertiglobe is listed on the Abu Dhabi Securities Exchange and is the world’s largest seaborne exporter of urea and ammonia combined, the largest nitrogen fertilizer producer in the Middle East & North Africa, and an early mover in sustainable ammonia, with production facilities in Egypt, Algeria and the UAE.
ADNOC will purchase OCI’s 51% share stake in Fertiglobe at a price of USD 3.62 billion. Following the completion of the transaction, ADNOC’s shareholding in Fertiglobe will increase to 86.2%.
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.”
Nassef Sawiris, Vice Chairman of Fertiglobe and Executive Chairman of OCI Global, commented: “Today marks a pivotal juncture in Fertiglobe’s journey with ADNOC, which began in 2018. Within the ADNOC Group, I am confident that Fertiglobe has found its optimal long-term home, and that with ADNOC’s continued support and guidance, significant value creation and exciting growth opportunities lie ahead.”
The transaction is expected to close in 2024.