Nutrien Ltd., Saskatoon, said July 27 that it has entered into a definitive agreement with SDIC Mining Investment Co. Ltd. to sell 23,294,614 common shares of Arab Potash Co. for gross proceeds of $502 million. The announced transaction represents the entirety of Nutrien’s holdings in APC.
Completion of the APC sale was required by the Competition Commission of India and Ministry of Commerce in China in providing their clearance for the merger of Agrium and Potash Corp. of Saskatchewan Inc. to form Nutrien. The agreement is subject to customary closing conditions, including regulatory approvals and is expected to be completed by the fourth quarter of this year.