Elders Ltd
(ASX:ELD) has entered a contract with QBE to acquire from it an additional 10% stake in Elders Insurance (Underwriting Agency) Pty Ltd.
After this transaction, the agribusiness company’s total equity holding in Elders Insurance will be 20%.
Elders has not revealed the purchase price, citing confidentiality, but says the transaction will be funded from its available cash.
The company is expecting this transaction to settle on 1 December 2016.
Elders posted a net profit of $54.2 million at 30 September 2016.