11:42 06.07.2017

Kernel acquires farming business for $43.3 mln

2 min read
Kernel acquires farming business for $43.3 mln

One of the subsidiaries of the large Ukrainian agrarian group Kernel has become the full owner of a farming business that manages more than 27,500 hectares of leasehold farmland and over 170,000 tonnes of grain storage capacity, the group said in a press release on Thursday.

The name of the farming business is not disclosed.

The deal was approved by the Antimonopoly Committee of Ukraine in May 2017.

Total consideration of $43.3 million has been paid in cash for the 100% interest in the business, which has a positive net working capital less net debt in excess of $4 million.

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.

Several days later Kernel bought 7.9% more in the company.

The company will pay $155 million for a 100% stake in the business.

The company said the Antimonopoly Committee of Ukraine approved the transaction in May this year, however it does not disclose the name of the acquired agricultural holding.

At the same time, the committee 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.

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