Askume, Sept 8 – Canadian methanol producer Masatex (MX.TO) said on Sunday itThe Dutch green fuel maker will acquire the methanol business of OCI Global (OCI.AS) in a $2.05 billion deal .
The methanol producer said the deal includes $1.15 billion in cash and the issuance of 9.9 million Masatex shares valued at $450 million, with the company assuming about $450 million in debt and leases.
OCI will become Masatex’s second-largest shareholder with a nearly 13% stake in the company, a separate statement said, adding that the deal is expected to be completed in the first half of 2025.
OCI said the sale of its stake in the methanol business would increase its total proceeds from the asset to $11.6 billion.
The Dutch-listed company is selling assets as it seeks to reduce debt, free up more cash for shareholders and focus on greener chemicals such as low-carbon ammonia.
OCI announced the launch of its clean ammonia project in Texas early last month.Australia’s Woodside Energy (WDS.AX) for $2.35 billion . Last year, it also agreed to sell its stake in Iowa Fertilizer Company (IFCO) to Koch Ag & Energy Solutions for $3.6 billion.
