OCI Global will sell 50% of OCI Nitrogen to AGROFERT for €55 million, advancing portfolio optimization and strategic deleveraging.
OCI Global has announced an agreement to divest 50% of its equity interest in OCI Nitrogen (OCIN) to AGROFERT, a prominent European nitrogen products manufacturer. This initial transaction, valued at €55 million for the 50% stake, is expected to be completed by the second half of 2027, pending regulatory and shareholder approvals.
The agreement also includes a put/call option for the remaining 50% stake, exercisable by either OCI or AGROFERT two years after the initial transaction closes. The price for this future option would be determined by applying a 7x multiple to 50% of OCIN's average pro-forma adjusted EBITDA from the preceding two years. Following the completion of the initial transaction, AGROFERT will assume operational control of OCI Nitrogen, including majority representation on its board, while OCI Global will retain a 50% economic interest with standard joint venture protection rights.
Hassan Badrawi, CEO of OCI Global, stated that this agreement is a "disciplined outcome" following a comprehensive, multi-year process. He emphasized that placing the business with a strategic owner like AGROFERT, which has a strong industrial footprint in European nitrogen markets, will support long-term continuity for OCI Nitrogen, its employees, and customers. This move also aligns with OCI Global's broader strategy to complete various strategic transactions in this sector.
This divestment is part of OCI Global's ongoing strategic re-evaluation and portfolio optimization. The company previously completed the sale of 100% of its equity interests in OCI Ammonia Holding to AGROFERT for €290 million in the first quarter of 2026, further highlighting a shift in its operational focus. OCI Global has been concentrating on disciplined cost and balance sheet management, with these divestments contributing to these strategic priorities, including deleveraging.
Economically, OCI Nitrogen reported a standalone adjusted EBITDA of €105 million over the twelve months ending April 2026, and an average of €41 million for 2024-2025. The first quarter of 2026 saw a strong performance with €43 million in EBITDA, attributed in part to geopolitical factors influencing nitrogen pricing. This transaction further solidifies AGROFERT's position in the European nitrogen market and allows OCI Global to streamline its portfolio and focus on other strategic areas, including its production facility in Geleen, for which it continues to evaluate options.
