Agricultural chemical company Nufarm
(ASX:NUF) has agreed to acquire a European portfolio of 50 crop protection products for $627 million.
The portfolio consists of established brands from Adama Agricultural Solutions and Syngenta Crop Protection, with more than 260 registrations in the European market.
The acquisition is expected to contribute net sales of around $250 million and EBITDA of more than $95 million in its first year of ownership in the 2019 financial year.
The deal strengthens Nufarm’s presence in Europe, with the portfolio selling to 29 European markets.
Funding will be through a combination of a fully underwritten entitlement offer and existing debt facilities.
Shares in Nufarm
(ASX:NUF) are at a trading halt and last traded at $8.73.
