Saudi Arabia's largest mining company, Saudi Maaden, announced its first international acquisition, the acquisition of an African fertilizer distribution company.

In accordance with the signed agreement, a publicly listed joint-stock company Saudi Maaden acquires an 85% stake in Meridian, based in Mauritius.

The Saudi global mining giant will secure the remaining 15 percent of Meridian's shares over four years on agreed terms related to the performance of an African company that distributes about half a million tons of fertilizer through its network of granulation and mixing plants, storage complexes and port facilities.

It is expected that the transaction will be completed by September, the amount of the transaction by agreement of the parties was not disclosed. “Saudi Maaden is gaining unprecedented access to additional distribution, mixing and product development capabilities in this fast-growing business,” said Hassan al-Ali, Senior Vice President of Phosphate.

Hassan al-Ali also confirmed that this move will strengthen Maaden’s strategy until 2025, which includes expanding sales operations outside Saudi Arabia.