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

Ahram Online , Saturday 16 Dec 2023

The UAE’s ADNOC has reached an agreement to purchase Nassef Sawiris’ European chemical producer OCI's entire stake in Fertiglobe for $3.62 billion, with the deal expected to close in 2024, according to a joint statement on Friday.

Fertiglobe headquarters in Abu Dhabi. Photo: Fertiglobe
Fertiglobe headquarters in Abu Dhabi. Photo: Fertiglobe


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.

Last week, Sawiris highlighted the potential move of his family business entity, NNS Group, to the ADGM, citing the UAE's pivotal role in the global financial ecosystem. From there, the group aims to acquire substantial shares in various companies, primarily in Europe, the Middle East, and North America, as outlined in recent statements by the group.

“The group believes that transitioning its key activities to ADGM will contribute to the further development and growth of its portfolio and core operations,” Sawiris said.

According to Forbes' list of the world's richest Arabs in 2023, Sawiris holds the title of the richest man in Egypt and the Arab world, with a net worth of $7.4 billion.

Sawiris, a prominent investor from Egypt's wealthiest family, owns nearly a 6 percent stake in Adidas and in 2020 acquired 5 percent of Madison Square Garden Sports, the parent company of the NBA's Knicks and NHL's Rangers, according to Forbes.

He leads Orascom Construction Industries (OCI), a major nitrogen fertilizer producer which is listed on Euronext Amsterdam, and Orascom Construction (OC) which is listed on the Cairo Exchange and NASDAQ Dubai.

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