Abu Dhabi National Oil Co (ADNOC)(ADNOC.UL) has agreed to buy European chemical producer OCI's (OCI.AS) entire stake in ammonia and urea producer Fertiglobe for $3.62 billion.
The transaction is the latest in a string of deals by the Abu Dhabi state oil giant as it deepens its foray into the chemicals business and will make it the majority shareholder in Fertiglobe.
ADNOC's shareholding will increase to 86.2%, with 13.8% remaining in free float on the Abu Dhabi Securities Exchange (ADX), ADNOC and OCI said in a joint statement on Friday.
Under the terms of the agreement, ADNOC will purchase OCI’s 50% + 1 share stake in Fertiglobe at a price of 3.20 dirhams per share, representing a total purchase price of 13.28 billion dirhams ($3.62 billion).
Headquartered in Abu Dhabi, Fertiglobe was formed in 2019 after OCI, backed by Egyptian billionaire Nassef Sawiris, and ADNOC combined their ammonia and urea assets.
"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," Khaled Salmeen, Executive Director, Downstream, Marketing & Trading Directorate at ADNOC was quoted as saying.
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