11:40 AM EDT, 04/30/2024 (MT Newswires) -- Mosaic (MOS) said Tuesday it has agreed to sell its 25% stake in a phosphate production joint venture to Saudi Arabian Mining Co. in a $1.5 billion stock deal.

According to Mosaic, it will receive 111 million shares of the Saudi mining company in exchange for its stake in its Ma'aden Wa'ad Al Shamal Phosphate joint venture with Saudi Arabian Mining Co. and Saudi Basic Industries Corp, or SABIC.

Ma'aden, as the Saudi Arabian Mining Co. is known, already owned a 60% stake in the $8 billion joint venture while SABIC held 15%, according to Ma'aden's website.

The transaction is expected to close by the end of the year, Mosaic said.

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