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Updated: 10/30/2013 08:00:01AM

But, firm will spend $1.2 billion to acquire Florida phosphate company

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The Mosaic Company announced Monday it has signed an agreement to acquire the phosphate business of CF Industries for $1.2 billion in cash plus $200 million to fund CF Industries’ asset retirement obligation escrow.

Under the terms of the agreement, Mosaic would acquire the 22,000-acre South Pasture phosphate mine and beneficiation plant in Hardee County, a phosphate manufacturing facility in Plant City, and an ammonia terminal and finished product warehouse facilities in Tampa.

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