Saudi Arabian Mining Co. to Acquire Mosaic's Stake in Phosphate JV, Boosting Production and Market Share
Saudi Arabian Mining Company (Ma'aden) has agreed to buy Mosaic Co.'s 25% share in Ma’aden Wa’ad Al Shamal Phosphate Company (MWSPC), a joint venture between Ma'aden, Mosaic, and Saudi Basic Industries Corp. This deal will increase Ma'aden's stake in MWSPC to 85%.
In return, Mosaic will receive approximately 111 million new shares in Ma'aden.
Mosaic is a leading producer and marketer of phosphate and potash crop nutrients based in Florida.
The aim of the deal is to expand Ma'aden's phosphate business.
Bob Wilt, CEO of Ma'aden, expressed excitement about working with Mosaic to strengthen their phosphate business and contribute to the growth of the mining sector in Saudi Arabia.
Ma'aden Wa'ad Al Shamal Phosphate Co. is an $8 billion joint venture in Saudi Arabia, which is home to seven advanced phosphate production plants and a significant global production hub.
Mosaic, a phosphate company, has a stake in this joint venture.
Bruce Bodine, Mosaic's president and CEO, expressed optimism about a new transaction that will see Mosaic sell its stake in the joint venture to Ma'aden.
This transaction is expected to provide greater integration and expertise for Ma'aden's phosphate operations, giving Mosaic greater capital flexibility and transparency for its investment.
Ma'aden, a Saudi Arabian mining company, is set to acquire Mosaic's 25% stake in the MWSPC phosphate fertilizer joint venture.
MWSPC produces over 3 million tonnes of phosphate fertilizers annually.
This acquisition is expected to streamline Ma'aden's operations, logistics, and marketing efforts.
Ma'aden will also inherit Mosaic's marketing rights within the joint venture, increasing its annual marketed phosphates volume by 750,000 tonnes.
The deal aligns with Ma'aden's growth plan and strengthens its financial position.
Completion is subject to regulatory approvals, shareholder approval, and customary closing conditions.
HSBC Saudi Arabia and AS&H Clifford Chance advised Ma'aden on a anticipated third quarter 2024 deal.
Bank of America Securities, Lazard, and Simpson Thacher & Bartlett LLP were involved in representing Mosaic in the same deal.
Ma'aden had HSBC and AS&H as financial and legal advisors respectively, while Bank of America Securities, Lazard, and Simpson Thacher & Bartlett acted as financial and legal advisors for Mosaic.
Mosaic is a leading producer and marketer of phosphate and potash crop nutrients based in Florida.
The aim of the deal is to expand Ma'aden's phosphate business.
Bob Wilt, CEO of Ma'aden, expressed excitement about working with Mosaic to strengthen their phosphate business and contribute to the growth of the mining sector in Saudi Arabia.
Ma'aden Wa'ad Al Shamal Phosphate Co. is an $8 billion joint venture in Saudi Arabia, which is home to seven advanced phosphate production plants and a significant global production hub.
Mosaic, a phosphate company, has a stake in this joint venture.
Bruce Bodine, Mosaic's president and CEO, expressed optimism about a new transaction that will see Mosaic sell its stake in the joint venture to Ma'aden.
This transaction is expected to provide greater integration and expertise for Ma'aden's phosphate operations, giving Mosaic greater capital flexibility and transparency for its investment.
Ma'aden, a Saudi Arabian mining company, is set to acquire Mosaic's 25% stake in the MWSPC phosphate fertilizer joint venture.
MWSPC produces over 3 million tonnes of phosphate fertilizers annually.
This acquisition is expected to streamline Ma'aden's operations, logistics, and marketing efforts.
Ma'aden will also inherit Mosaic's marketing rights within the joint venture, increasing its annual marketed phosphates volume by 750,000 tonnes.
The deal aligns with Ma'aden's growth plan and strengthens its financial position.
Completion is subject to regulatory approvals, shareholder approval, and customary closing conditions.
HSBC Saudi Arabia and AS&H Clifford Chance advised Ma'aden on a anticipated third quarter 2024 deal.
Bank of America Securities, Lazard, and Simpson Thacher & Bartlett LLP were involved in representing Mosaic in the same deal.
Ma'aden had HSBC and AS&H as financial and legal advisors respectively, while Bank of America Securities, Lazard, and Simpson Thacher & Bartlett acted as financial and legal advisors for Mosaic.
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