Yara officially signs documents to sell European CO2 business to Praxair

Yara International ASA, has officially signed the transaction documents for the sale of its carbon dioxide (CO₂) business to Tier One player, Praxair.

The deal, which was first announced on 15^th September 2015, will see the US-based industrial gas company buy the remaining 34% stake in the Yara Praxair Holding AS joint venture for €300m ($338m).

Under the agreement, the Norwegian company will continue to supply Praxair with raw CO₂ and will continue to operate three of the CO₂ liquefaction units which are integrated within Yara’s existing fertiliser plants.

Praxair is committed to growth and this proposed acquisition aligns with our core business strategy of building density in targeted geographies where we can achieve synergies

In 2014, Yara’s European CO₂ business sold approximately 850,000 metric tonnes of liquid CO₂ and 50,000 metric tonnes of dry ice, primarily to the food and beverage industries. In the same year, it generated revenues of approximately €112m ($126m).