Jeff Ubben and Singapore’s GIC Back $830 Million Fertiglobe IPO
- Adnoc, OCI fertilizer venture set to start trading this month
- Firm raises dividend guidance as gas crisis hits Europe rivals
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Abu Dhabi’s state energy company and OCI NV are selling a stake worth as much as $830 million in their Middle Eastern fertilizer venture to buyers including a Singapore sovereign wealth fund and U.S. activist investor Jeff Ubben.
OCI and Abu Dhabi National Oil Co. are offering 13.8% of Fertiglobe Holding in an initial public offering that comes as the business booms, thanks in part to a natural-gas shortage hurting rivals in Europe. The firm will be valued at $6 billion at the top end of the price range.