OCI Global Sells Half of Nitrogen Unit to AGROFERT in EUR 55M Deal
Event summary
- OCI Global to sell 50% of OCI Nitrogen to AGROFERT for EUR 55M (50% of EUR 110M), with a put/call option for the remaining 50% starting H2 2029.
- Initial transaction expected to close by H2 2027, subject to regulatory and shareholder approvals.
- AGROFERT will assume operational control post-transaction, while OCI retains a 50% economic interest.
- OCI Nitrogen generated EUR 105M EBITDA in LTM April 2026, with EUR 43M in Q1 2026 due to strong nitrogen pricing.
The big picture
This deal marks OCI Global's strategic exit from a significant nitrogen asset, aligning with broader industry trends of consolidation in the European nitrogen market. The transaction underscores OCI's focus on optimizing its portfolio, while AGROFERT strengthens its industrial footprint in the sector. The EUR 55M initial deal size and potential EUR 110M full exit highlight the scale of the transaction.
What we're watching
- Valuation Dynamics
- Whether the 7x EBITDA multiple for the put/call option reflects sustainable profitability or temporary market conditions.
- Operational Integration
- How AGROFERT's operational control will impact OCI Nitrogen's performance and strategic alignment.
- Regulatory Approvals
- The pace at which regulatory and shareholder approvals are secured, given the complexity of the transaction.
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