On September 8, 2024, Methanex Corporation agreed to acquire 100% of OCI Global's methanol business for USD 2.05 billion (approximately CAD 2.79 billion at the time of the deal) on a cash-free, debt-free basis. The transaction included USD 1.15 billion (about CAD 1.56 billion) in cash and 9.9 million Methanex shares valued at USD 450 million (around CAD 612 million). The deal positioned OCI as the second-largest shareholder in Methanex, with a 13% stake. The assets acquired included methanol production facilities in Beaumont, Texas, a low-carbon methanol business, and an idled methanol plant in the Netherlands. A portion of the transaction involved OCI’s 50% stake in Natgasoline LLC, which was subject to a lawsuit at the time.

The acquisition strengthened Methanex’s role in the hydrogen economy and supported global decarbonization efforts, while OCI shifted focus to green chemicals and shareholder returns. The transaction was expected to close in the first half of 2025, pending regulatory approvals and other customary conditions. This deal aligned with OCI’s broader strategy to reduce debt and unlock value for shareholders, following the USD 2.35 billion (CAD 3.2 billion) sale of its clean ammonia project.

Morgan Stanley & Co. International and A&O Shearman acted as advisors for OCI, while Deutsche Bank, RBC Capital Markets, Baker McKenzie, Reed Smith, McCarthy Tétrault, and Loyens & Loeff advised Methanex.