Upon completion of the transition, ADNOC’s share in Fertiglobe will increase to 86.2%. Credit: ADNOC.

Abu Dhabi National Oil Company (ADNOC) has announced that its acquisition of a controlling stake in Fertiglobe from OCI Global will close on 15 October 2024.

This move will take ADNOC’s shareholding in Fertiglobe to 86.2%, while the free float on the ADX will remain at 13.8%.

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Under the terms of the agreement signed in December last year, ADNOC agreed to acquire OCI’s 50%-plus-one-share stake at Dh3.20 per share, amounting to a total purchase price of Dh13.28bn ($3.62bn).

The sale and purchase agreement (SPA), entered into by ADNOC and OCI Global in December of the previous year, has now received all necessary approvals.

A block trade was initiated on the ADX last Friday, which will settle concurrently with the transaction’s closing.

The SPA also includes an earn-out mechanism for the fiscal years 2024 and 2025, which is contingent on commodity pricing and Fertiglobe’s free cash flow performance during the specified period.

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The acquisition is a strategic move for ADNOC, aligning with its chemical strategy and plans to establish a global growth platform for ammonia.

Ammonia is expected to be a significant lower-carbon fuel and hydrogen carrier in the energy transition.

For Fertiglobe, the transaction is expected to bolster the company’s growth plans, enabling it to expedite the pursuit of new market and product opportunities.

It also aims to expand its focus on clean ammonia as an emerging fuel and hydrogen carrier.

Additionally, ADNOC and OCI have signed a memorandum of understanding to explore potential cooperation in the future, including ammonia imports into Europe and product distribution.

Earlier this month, ADNOC, via its subsidiary ADNOC International, signed a deal to acquire German chemical company Covestro for €11.7bn ($12.77bn).