OCI Global N.V. (Amsterdam, the Netherlands) announced that it has reached an agreement for the sale of 100% of its indirect interest in its large-scale U.S. greenfield nitrogen fertilizer facility Iowa Fertilizer Company LLC, located in Wever, Iowa, USA to Koch Ag & Energy Solutions for a total consideration of USD 3.6 billion on a tax free basis, subject to a customary cash, debt and normalized level of working capital adjustment. This follows OCI’s sale of its stake in Fertiglobe to ADNOC, announced recently as well.
Consummation of the transaction remains subject to receipt of certain US antitrust approval and other customary closing conditions. The transaction does not require OCI’s shareholders to vote on approval. The transaction is expected to close in 2024.
Morgan Stanley & Co. International plc is serving as financial advisor to OCI on the transaction. Cleary Gottlieb Steen & Hamilton LLP is acting as its legal advisor.