Kernel completed the purchase of Agro Invest Ukraine
One of the subsidiaries of the Kernel Holding completed the acquisition of a 100% stake in the business. The business deals with more than 27.5 thousand hectares of leased agricultural land and grain storage facilities with the capacity of about 170 thousand tons.
This information is disseminated on the website of the agricultural holding.
The total remuneration of $43.3 million was paid in cash for a 100% share in the business that makes positive net working capital (calculated by subtracting the net debt) of more than $4 million.
The company reports that the transaction was approved by the Antimonopoly Committee of Ukraine in May 2017.
Let us note that in May 2017, Kernel Holding received 2 permissions from the AMCU. The first resolution concerned the purchase of the agricultural holding Ukrainian Agrarian Investments, and the second one permitted the purchase of a stake in 10 agri companies of Agro Invest Ukraine, which is a subsidiary of the Serbian MK Group.
Here is to remind that Kernel Holding completed the purchase of UAI in June 2017.
In March Kernel Holding received the permission to purchase Glencore's assets.
Up to now, Kernel’s land bank amounts to 602.5 thousand hectares.