04:26 AM EDT, 09/09/2024 (MT Newswires) -- Methanex ( MEOH ) said Sunday it has agreed to acquire the international methanol business of OCI Global for $2.05 billion.

The deal includes OCI's interest in two methanol facilities in Beaumont, Texas, as well as a low-carbon methanol business and an idled facility in the Netherlands.

The company expects to generate $30 million in annual cost synergies from the acquisition, which is expected to be immediately accretive to free cash flow per share.

The consideration for the deal consists of $1.15 billion in cash, Methanex ( MEOH ) common shares valued at $450 million, and the assumption of $450 million in debt and leases.

The deal is expected to close in H1 2025, subject to regulatory approvals and other conditions.