Verdant Earth Technologies Limited entered into non-binding heads of terms to acquire Alteration Earth PLC for approximately £130 million in a reverse merger transaction.

Verdant Earth Technologies Limited entered into non-binding heads of terms to acquire Alteration Earth PLC (LSE:ALTE) for approximately £130 million in a reverse merger transaction on July 31, 2023. Under the terms of agreement, the proposed transaction value is £125 million (the "Purchase Price"). The Purchase Price, which shall be finalised subject to the completion of due diligence and agreement between the parties of the valuation of the enlarged group, shall be satisfied by the issue of new ordinary shares in the capital of the Company.

The Proposed Acquisition is conditional on, amongst other things: obtaining the necessary regulatory approvals of the FCA, the satisfactory completion, by each of the parties, of legal, financial and commercial due diligence; the parties agreeing, signing and exchanging a legally binding SPA; the Placing. The transaction is expected to close in Q4 2023.