Egyptian billionaire Nassef Sawiris has secured majority control of OCI Global after increasing his family’s stake in the Amsterdam-listed nitrogen and methanol producer beyond 55%, strengthening his push to take the company private.

The acquisition marks a key step in Sawiris’ plan to buy out remaining shareholders and remove OCI Global from public markets following months of disagreement with minority investors over the company’s future direction.

Through his Cyprus-based investment vehicle, NNS Holding, Sawiris recently purchased an additional block of shares at an average price of €4.0790 ($4.6) per share.

The purchase lifted the Sawiris family’s ownership to more than 116.5 million shares, giving them a 55.13% stake in OCI Global.

The move is part of an all-cash offer worth €4.10 ($4.7) per share, valuing the chemical company at about €866.6 million ($990 million).

Buyout follows shareholder dispute

Sawiris’ latest share purchases come after a prolonged dispute over the future of OCI Global, which had delayed plans to reshape the business.

Late last year, Sawiris proposed combining OCI Global with Orascom Construction to create a larger infrastructure-focused group headquartered in Abu Dhabi. However, minority shareholders challenged the plan, raising concerns about potential conflicts of interest.

An Amsterdam appeals court later ruled in favor of the minority investors, blocking the proposed vote and ordering the appointment of independent directors to safeguard shareholder interests.

Following the ruling, Sawiris stepped down as executive chairman of OCI Global as part of efforts to address regulatory concerns. He then turned to a direct cash offer and open-market share purchases to gain control of the company without requiring approval from opposing shareholders.

Because the offer does not include a minimum acceptance condition, Sawiris has been able to gradually increase his ownership position while moving closer to a full takeover.

From Orascom legacy to global chemicals

OCI Global has evolved significantly from the business empire built by Sawiris’ father, Onsi Sawiris, who founded the Orascom group.

The company expanded into a global producer of nitrogen fertilizers and methanol after listing on Euronext Amsterdam in 2013. In recent years, however, OCI has sold several major operating assets and returned billions of dollars to shareholders through special dividends.

The remaining business is now a more focused chemical company with operations across key markets.

With majority control secured, Sawiris is expected to continue efforts to delist OCI Global from Euronext Amsterdam and bring the company under private ownership through his family office.

Sawiris’ Global Investment Empire

Nassef Sawiris, the youngest of three brothers who divided the Orascom empire after their father’s death, is widely regarded as Egypt’s wealthiest businessman.

According to the Bloomberg Billionaires Index, Sawiris has an estimated net worth of $9.75 billion. He built OCI Global into one of the world’s leading nitrogen fertilizer producers and stepped down as executive chairman earlier this year to focus on restructuring family assets.

Beyond OCI, Sawiris chairs German sportswear company Adidas, where he remains a major shareholder, and is a co-owner of English football club Aston Villa Football Club. His family office manages investments across sectors and markets from Abu Dhabi to Amsterdam.

OCI Global operates with annual production capacity of about 17.2 million metric tons across four continents, producing ammonia, nitrate fertilizers, methanol and hydrogen-related products.

NNS Holding (Cyprus) Limited, the investment arm founded by Sawiris in 2008, manages the family’s capital through a diversified portfolio covering public and private equities, credit investments and real estate. The firm also partners with external investors through joint ventures and remains OCI Global’s largest shareholder.