GIC and Jeff Ubben back US$830 million Fertiglobe IPO

Bloomberg
Bloomberg10/13/2021 05:17 PM GMT+08  • 3 min read
GIC and Jeff Ubben back US$830 million Fertiglobe IPO
Fertiglobe will be valued at US$6 billion - at the top end of the price range.
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Abu Dhabi and OCI NV are selling a stake worth as much as US$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 US$6 billion at the top end of the price range.

Singapore’s GIC Pte., Ubben’s Inclusive Capital Partners LP and Abu Dhabi’s state pension fund have committed US$231 million. Ubben, who’s on the board of Exxon Mobil Corp., will join Fertiglobe as an independent board member after the listing.

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