Methanex Corp. logo is shown in a handout.The company has signed a deal to buy OCI Global's international methanol business in an agreement valued at US$2.05 billion, including assumed debt.THE CANADIAN PRESS/HO
Republished September 09, 2024 - 6:16 AM
Original Publication Date September 09, 2024 - 3:31 AM
VANCOUVER - Methanex Corp. has signed a deal to buy OCI Global's international methanol business in an agreement valued at US$2.05 billion, including assumed debt.
The deal includes OCI’s interest in two methanol facilities in Beaumont, Texas, one of which also produces ammonia.
It also includes a low-carbon methanol production and marketing business and an idled methanol facility in the Netherlands.
Under the agreement, Methanex will pay OCI US$1.15 billion in cash, issue the company 9.9 million Methanex common shares valued at US$450 million and assume US$450 million in debt and leases.
OCI will own about a 13 per cent stake in Methanex once the transaction is complete.
The deal is subject to approval by OCI shareholders and regulators, as well as other closing conditions. It is expected to close in the first half of 2025.
This report by The Canadian Press was first published Sept. 9, 2024.
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News from © The Canadian Press, 2024