OCI Global, a leading global producer and distributor of hydrogen products has reached an agreement for the sale of 100% of its equity interests in its Global Methanol Business (OCI Methanol) to Methanex Corporation for a total consideration of $2.05 billion (€1.86 billion) on a cash-free and debt-free basis.

Under the proposed transaction, Methanex will acquire 100% of the equity interests in OCI Methanol, comprising 100% of OCI’s US and European methanol assets respectively. OCI Methanol is indirectly owned 85% by OCI and 15% by its partners Alpha Dhabi Holding PJSC and ADQ.

The transaction is expected to close in the first half of 2025 subject to satisfaction of certain regulatory approvals, customary closing conditions, and receipt of OCI shareholder approval. OCI’s Board of Directors has approved the transaction and has recommended that its shareholders approve the transaction. An agreement to vote for the transaction has been signed by the largest shareholder of OCI with an interest of approximately 39% in the company.