Saudi Arabian Mining Company (Ma'aden) (SASE:1211) has entered into an agreement to acquire 25% stake in Maaden Waad Al Shamal Phosphate Company from Mosaic Phosphate B.V. for $1.5 billion on April 30, 2024. Under the terms of agreement, Mosaic will receive 111,012,433 shares of Ma'aden valued at approximately $1.5 billion in exchange for Mosaic's current 25 percent stake in Ma'aden Wa'ad Al Shamal Phosphate Company, a joint venture among Mosaic, Ma'aden and Saudi Basic Industries Corporation. The agreement generally requires Mosaic to hold its Ma'aden shares for a minimum of three years, with one-third of the shares becoming transferable after the third, fourth and fifth anniversary of the closing.

The transaction is subject to regulatory approvals, approval by Ma'aden's shareholders and other closing conditions that are customary for this type of transaction and is expected to be completed by the end of 2024. BofA Securities served as lead financial advisor and Lazard also served as a financial advisor to Mosaic. Simpson Thacher & Bartlett LLP served as legal advisor to Mosaic.

HSBC Saudi Arabia Limited acted as financial advisor to Saudi Arabian Mining Company (Ma'aden).