Harvey Norman Holdings Limited
(ASX:HVN) has announced the acquisition of a significant stake of a 49.9 percent interest in Coomboona Holdings Pty Limited.
The retail giant will pay approximately $34 million in the deal.
Coomboona is composed of dairy farm operations and a pedigree breeding and genetics division in the Goulburn valley region in Northern Victoria.
The transaction terms include a 49.9% shareholding in Coomboona for approximately $25 million in addition to making an advance payment of approximately $9 million to Coomboona.
Harvey Norman recorded a net profit of $268.91 million for the year ending 30 June 2015.