OCI Global sells 50% of OCI Nitrogen to Agrofert in €110M deal
OCI Global has agreed to sell 50% of its OCI Nitrogen business to Czech producer Agrofert, valuing the unit at €110M and extending the Dutch group’s multi-year retreat from European nitrogen assets.
Under the agreement announced June 1, OCI will divest half of its equity in Nitrogen Intermediate Holding, which owns 100% of OCI Nitrogen (OCIN), for a consideration equal to 50% of €110M, subject to customary net-debt and transaction adjustments at completion. The deal also carries a put/call option over the remaining 50%, exercisable by either party from two years after close, priced at a pre-agreed 7x multiple of the unit’s average pro-forma adjusted EBITDA over the preceding two years.
OCIN, which operates production at Geleen in the Netherlands, generated €105M in adjusted EBITDA over the 12 months to April 2026, against an average of €41M across 2024 and 2025. The recent figure includes €43M booked in Q1 2026, reflecting the elevated nitrogen pricing environment that has held through the year.
The transaction deepens an existing relationship between the two companies. Agrofert completed its purchase of OCI’s Rotterdam ammonia terminal and European distribution business for €290M on March 31, 2026, and the partial OCIN sale advances OCI’s stated strategy of exiting most of its global production footprint.
Completion of the initial transaction is expected by the second half of 2027, subject to regulatory approvals and shareholder consent.
Source: World Fertilizer
Key Facts About the OCI Nitrogen Sale
OCI is selling 50% of its equity in Nitrogen Intermediate Holding, the entity that owns 100% of OCI Nitrogen. The business centers on OCIN’s production complex at Geleen in the Netherlands, which makes nitrogen products including urea, ammonia and melamine.
OCIN is valued at €110M for the full business, so OCI receives 50% of that figure for the half-stake, adjusted for net debt and transaction costs at completion. A put/call option covers the remaining 50%, priced at 7x the average pro-forma adjusted EBITDA of the preceding two years, exercisable from two years after the initial close.
OCIN generated €105M in adjusted EBITDA over the 12 months to April 2026, well above its €41M average across 2024 and 2025. The jump reflects strong nitrogen pricing, including €43M of EBITDA in Q1 2026 alone.
Agrofert is a major European nitrogen products manufacturer and agribusiness group based in the Czech Republic. It is already an OCI counterparty, having acquired OCI’s Rotterdam ammonia import terminal and European distribution platform for €290M, a deal completed on March 31, 2026.
OCI expects the initial transaction to complete in the second half of 2027, subject to regulatory approvals and shareholder consent. The sale forms part of OCI’s broader strategy to divest its global production and asset base.
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