Back to the complete issue
Thursday, 3 October 2019

OCI NV, ADNOC complete fertilizer merger

M&A WATCH- OCI NV, ADNOC fertilizer merger done and dusted: Abu Dhabi National Oil Company (ADNOC) has completed its merger into Orascom Construction Industries (OCI) NV’s nitrogen fertilizers production MENA platform, the local press reported. OCI agreed in June to merge with ADNOC to set up an Abu Dhabi-based JV with a production capacity of 5 mn tonnes of urea and 1.5 mn tonnes of ammonia. This will make it the largest fertilizer producer in the MENA region. OCI will own 58% of the JV and ADNOC 42%. OCI boss Nassef Sawiris is expected to take up the position of CEO while UAE Minister of State and CEO of ADNOC Sultan Ahmed Al Jaber will be chairman.

Advisors: Matouk Bassiouny & Hennawy and Shearman & Sterling acted as local counsel and Citi as financial advisor to ADNOC. Cleary Gottlieb Steen & Hamilton LLP acted as legal counsel and JPMorgan as financial advisor to OCI NV.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Etisalat Misr (tax ID: 235-071-579), the leading telecoms provider in Egypt; and Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt.