{"id":612041,"date":"2023-12-17T00:00:00","date_gmt":"2023-12-17T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/12\/17\/oci-to-sell-entire-50-stake-in-fertiglobe-to-adnoc-for-usd-3-62-bn\/"},"modified":"2023-12-17T00:00:00","modified_gmt":"2023-12-17T00:00:00","slug":"oci-to-sell-entire-50-stake-in-fertiglobe-to-adnoc-for-usd-3-62-bn","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/12\/17\/oci-to-sell-entire-50-stake-in-fertiglobe-to-adnoc-for-usd-3-62-bn\/","title":{"rendered":"OCI to sell entire 50% stake in Fertiglobe to Adnoc for USD 3.62 bn"},"content":{"rendered":"

OCI is selling its share in Fertiglobe: <\/strong>Nassef Sawiris-owned chemical producer OCI<\/a> has inked a binding agreement to offload its entire 50% stake in ammonia and urea producer Fertiglobe<\/a> to the Abu Dhabi National Oil Company<\/a> (Adnoc) for USD 3.62 bn, according to statements by the three companies (here<\/a>, here<\/a>, and here, pdf<\/a>). The transaction prices Fetiglobe shares at an 8% premium at AED 3.20 per share and is expected to close in 2024, according to the statements.<\/p>\n

So, who will own what? <\/strong>The transaction will see Adnoc up its stake in Fertiglobe \u2014 a joint venture between Adnoc and OCI \u2014 to 86.2%. The remaining 13.8% of shares will continue to be traded in free float on the Abu Dhabi Securities Exchange (ADX).<\/p>\n

Fertiglobe has a big presence in Egypt: <\/strong>Fertiglobe is currently working<\/a> with the Sovereign Fund of Egypt and Norwegian renewables developer Scatec on a 50-100 MW green hydrogen plant in Ain Sokhna. The largest<\/a> fertilizer producer in the MENA region also recently shipped<\/a> the world\u2019s first ISCC PLUS-certified (International Sustainability and Carbon Certification) green ammonia from the company\u2019s pilot green hydrogen electrolyzer in Egypt.<\/p>\n

There\u2019s upside for OCI: <\/strong>\u201cThe purchase consideration additionally includes a two-year earn-out mechanism linked to free cash flow metrics and commodity pricing that may allow OCI to participate in future nitrogen market upside,\u201d OCI said.<\/p>\n

This isn\u2019t the end of the road for Sawiris and Adnoc: <\/strong>OCI and Adnoc have agreed to explore joint investments in decarbonization and product distribution projects in North America and Europe, OCI said. Sawiris\u2019 private investment office NNS<\/a> will also be investing in Fertiglobe, \u201cdemonstrating NNS\u2019s deep conviction \u2026 in the material value creation that lies ahead for Fertiglobe under ADNOC\u2019s stewardship,\u201d Nassef Sawiris said.<\/p>\n

Market reax:<\/strong> Following news of the agreement being made official, Fertiglobe\u2019s shares inched up 0.3% during trading on Friday to AED 3.01 a share \u2014 6.1% below the premium penciled into the agreement. Euronext-listed OCI\u2019s shares dropped 13.7% to EUR 20.12 a share by the end of trading Friday<\/p>\n

A SPORTS M&A, TOO-<\/p>\n

Nassef\u2019s V Sports to welcome new minority stakeholder: <\/strong>US-based investment group Atairos<\/a> will acquire a minority stake in V Sports \u2014 a joint venture between Nassef Sawiris and American b\u2019naire Wes Edens that owns the British Aston Villa FC, the football club said<\/a> on Friday. The transaction will not affect the ownership of Aston Villa FC, which will continue to be 100% owned by V Sports, which will maintain \u201cfull control of all decisions\u201d at the club.<\/p>\n

CORRECTION- <\/b>We incorrectly cited share price data from an Adnoc subsidiary that was not involved in the agreement. <\/font>We have since amended the story on our website.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

The transaction prices Fetiglobe shares at an 8% premium at AED 3.20 per share<\/p>\n","protected":false},"author":1,"featured_media":612042,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[1703,581,72,1585,7128,3388,7124],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-612041","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","tag-adnoc","tag-adx","tag-enterpriseam","tag-fertiglobe","tag-ma-watch","tag-nassef-sawiris","tag-oci-global","wpautop","entry"],"acf":{"mongo_id":"133ec82b-3672-42ae-a0e5-01e39a9476dd","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/12\/1046.jpg","photo_position":"above","homepage_title":"","full_issue_title":"OCI to sell entire 50% stake in Fertiglobe to Adnoc for USD 3.62 bn","related_issue":[612032],"teaser":"The transaction prices Fetiglobe shares at an 8% premium at AED 3.20 per share","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/12\/.41887f2d-c92d-43d2-a0e0-3c67af4d90d5.mp3"},"yoast_head":"\nOCI to sell entire 50% stake in Fertiglobe to Adnoc for USD 3.62 bn - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2023\/12\/17\/oci-to-sell-entire-50-stake-in-fertiglobe-to-adnoc-for-usd-3-62-bn\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"OCI to sell entire 50% stake in Fertiglobe to Adnoc for USD 3.62 bn\" \/>\n<meta property=\"og:description\" content=\"The transaction prices Fetiglobe shares at an 8% 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The listing could value the company at around\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":636766,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/08\/06\/oci-sells-blue-ammonia-project-for-usd-2-4-bn-plus-news-from-valu-karmsolar-i-score\/","url_meta":{"origin":612041,"position":5},"title":"OCI sells blue ammonia project for USD 2.4 bn. PLUS: News from Valu, KarmSolar, I-Score","author":"enterpriseam admin","date":"6 August 2024","format":false,"excerpt":"The project will have a production capacity of 1.1 mn ton of blue ammonia per year during its first phase","rel":"","context":"In "Also on our Radar"","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/8\/392.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/612041","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=612041"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/612041\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/612032"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/612042"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=612041"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=612041"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=612041"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=612041"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=612041"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}