ADNOC to acquire Nassef Sawiris’ OCI stake in Fertiglobe for $3.62 bln

Fertiglobe, headquartered in Abu Dhabi, was established in September 2019 as a strategic partnership between ADNOC and OCI and was subsequently listed on the Abu Dhabi Stock Exchange in 2021.

Moreover, Fertiglobe currently holds the position of the world's largest exporter of ammonia shipped overseas.

Under the terms of the agreement, ADNOC will acquire OCI's 50 percent share in Fertiglobe for 3.20 dirhams (AED) per share, resulting in a total purchase price of 13.28 billion AED ($3.62 billion).

Upon completion of the transaction, ADNOC's stake in Fertiglobe will rise from 36.2 percent to 86.2 percent, while the remaining 13.8 percent will continue to be traded on the Abu Dhabi Securities Exchange (ADX).

Sawiris expressed his satisfaction in making a long-term commitment to the UAE and the Abu Dhabi Global Market (ADGM), according to the statement.

"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," said Khaled Salmeen, executive director of the Downstream Industry, Marketing, and Trading Directorate at ADNOC.