SABIC Agri-Nutrients Company will enter into a binding agreement on Monday to acquire 49% of the share capital of ITG Inpetus Holdco Limited for $320 million, equivalent to 1.2 billion riyals, excluding cash and debt balances and the change in the value of working capital, which will be determined upon completion of the transaction.
According to Arabiya Net, SABIC Nutrients said in a statement that ITG Inpetus Holdco Limited is a limited liability company that works in the field of blending and distributing agricultural fertilizers and agricultural nutrients, as its sales are concentrated to farmers and end customers in a number of African countries.
She added that this step comes within the company's strategic directions in integrating its operations to include the distribution and blending of agricultural nutrients in global markets and access to farmers and the final customer, thus expanding its activities and benefiting from growth opportunities to keep pace with the expected developments and placing it in a leading position on the map of the global agro-nutrients industry. /p>
She explained that the deal is conditional on fulfilling the legal requirements and other terms and conditions in accordance with the acquisition agreement.
And I expected that the financial impact of the acquisition will appear during the second half of the 2022 fiscal year.
SABIC Nutrients said that it will finance this acquisition through self-resources in addition to bank facilities.
