The official merger between Potash Corporation of Saskatchewan and Agrium took place on January 1, combining the two fertilizer companies into the newly named Nutrien.

Premier Brad Wall spoke about the merger on Thursday, noting that he is 'cautiously optimistic' about the deal, based on commitments from the corporations.

As part of the commitments, Nutrien's head office will be located in Saskatoon, and corporate office positions will increase by at least 15 percent in the province.

In addition, around 4,500 of the company's 20,000 employees will be working in Saskatchewan. Two new business functions will relocate to the province, and the CEO and President of potash operations will work and live in Saskatchewan.

"This is a strong commitment to Saskatchewan, which will ensure that the merger results in a net benefit for our province," Wall stated. "Our government will be closely monitoring future developments, but I have every expectation that Nutrien will follow through on their commitments to Saskatchewan."

Nutrien will take over the existing PotashCorp mines in the province, which includes Lanigan and Allan.