Nutrien Announces Agreement For Sale Of Equity Position In MOPCO And Settlement Of All Arbitration Claims

Author: Benzinga Newsdesk | December 18, 2020 02:24pm

All amounts are in US dollars except as otherwise noted

Nutrien Ltd. ((NYSE, TSX:NTR)("Nutrien") announced today that, through one of its wholly-owned subsidiaries, it has entered into an agreement with the Government of Egypt (through the Egyptian Ministries of Finance and Petroleum) to sell 100% of its stake in Misr Fertilizers Production Company S.A.E. (MOPCO) totaling 59,573,922 ordinary MOPCO shares and upon closing to settle all arbitration claims it has made against the Government of Egypt and MOPCO's affiliate, the Egyptian Nitrogen Products Company S.A.E. Total gross proceeds resulting from the sale of shares as well as the settlements amongst the parties total $540 million, which, subject to customary closing conditions, are expected to be received in full upon close before the end of December 2020. This investment has historically contributed $15 to $20 million per year to Nutrien's Adjusted EBITDA.

Posted In: NTR TSX:NTR