Air Products Confirms It is in Final Negotiations to Form $11.5 Billion Joint Venture to Acquire the Gasification/Power/Industrial Gas Assets at Jazan Economic City
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Air Products (NYSE:APD) today confirmed that it is in final negotiations to form a joint venture with Saudi Aramco, ACWA Power and Air Products Qudra to acquire the gasification, power and industrial gas assets at Jazan Economic City, representing a total investment value of about $11.5 billion.
Air Products’ confirmation follows an announcement made today by Saudi Aramco at the Future Investment Initiative in Riyadh, Saudi Arabia and builds on Air Products’ initial announcement about this world-class project.
Air Products looks forward to concluding negotiations and expects to close on the transaction by the end of calendar 2019. Air Products will provide additional comments on its upcoming fiscal fourth quarter earnings call on Thursday, 7 November 2019 and further details about the project following financial close.