Kernel completes acquisition of UAI
Kernel, a large Ukrainian agricultural group, has become a 100% owner of Ukrainian Agricultural Investments (UAI), the company said on its website.
Kernel, in particular, bought an additional 7.9% stake in the deal, which was announced June 2.
As reported, on June 2 Kernel reported it had completed the acquisition of a 92.1% stake in the company, which manages more than 190,000 hectares of leased agricultural land and grain storage facilities for about 200,000 tonnes.
The company will pay $155 million for a 100% stake in the business.
The buyer noted the net working capital of the purchased business exceeds its net debt by more than $30 million.
The company specified the Antimonopoly Committee of Ukraine (AMC) approved the transaction in May this year, however it does not disclose the name of the acquired agricultural holding.
At the same time, the AMC previously said in May it allowed Jerste B.V. (Amsterdam, the Netherlands), part of Kernel, to acquire over 50% in Ukrainian Agrarian Investments S.A. (Luxembourg), the holding company of Ukrainian Agrarian Investments.
UAI Holding was founded in 2005 by a group of financial investors led by Renaissance Partners investment company.