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Ma'aden completes acquisition of Meridian Group

 

Aug 29, 2019

Riyadh, KSA – Ma’aden has completed the completion of its first international acquisition through the 85% share purchase of Meridian, the Mauritius-based fertilizer distribution group. The acquisition was completed at an enterprise value of USD 140 million, equivalent to SAR 525 million.

A binding agreement was first signed in mid-April in Ras Al Khair Industrial City in eastern Saudi Arabia. The remaining 15% of Meridian shares are set to be acquired over approximately the next four years.

The acquisition is an important milestone for Ma’aden as the company executes its strategy to build global distribution channels for fertilizer products. This will strengthen Ma’aden’s position as one of the world's largest producers and exporters of phosphate fertilizers and increase its contribution to global food security in key agricultural areas worldwide.

In addition, the acquisition provides Ma’aden with logistical advantages in South East Africa through Meridian’s existing operations in Malawi, Mozambique, Zambia and Zimbabwe.

The investment aligns with Ma'aden’s goal to expand globally and significantly contribute to the Kingdom's Vision 2030, which seeks to diversify the national economy by increasing non-oil exports, contribute to GDP and job creation and establish mining as a third pillar of the Saudi economy alongside oil and petrochemicals.