Cargill, Incorporated acquired additional 40% stake in Glucovil Argentina S.A. from Ledesma Sociedad Anónima Agrícola Industrial for $66.5 million.
May 29, 2018
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Cargill, Incorporated acquired additional 40% stake in Glucovil Argentina S.A. from Ledesma Sociedad Anónima Agrícola Industrial for $66.5 million on May 29, 2018. As per the terms of the agreement, Cargill, Incorporated acquired 162.34 million Class A shares of Glucovil Argentina S.A. The final number of shares to transfer will be subject to Glucovil Argentina's EBITDA evolution during the next three periods. There will be no additional transfer of shares if the EBITDA goes over the amount of $26 million. The transaction will also include a loan to Ledesma Sociedad Anónima Agrícola Industrial worth $12 million payable in 10 annual instalments with a coupon of 3% per annum. Post-completion, Cargill, Incorporated will hold 70% stake and Ledesma Sociedad Anónima Agrícola Industrial will hold 30% stake in Glucovil Argentina S.A. The transaction also includes a call option given to Cargill, Incorporated for the remaining shares of Glucovil Argentina S.A. The option may be exercised at the closing of the periods finalizing on May 31, 2021, May 31, 2022 or May 31, 2023.
Cargill, Incorporated completed the acquisition of additional 40% stake in Glucovil Argentina S.A. from Ledesma Sociedad Anónima Agrícola Industrial on May 29, 2018.
Ledesma S.A.A.I., (Ledesma Sociedad Anonima Agricola Industrial), is an Argentina-based company engaged in the agro-industrial sector. The Companyâs main activities are structured in four business areas: Sugar, Syrups and Alcohol, which includes the cultivation and processing of sugar cane, as well as the production of sugar cane derivates, corn starch and other corn derivates and sub-products; Paper, which focuses on the manufacture, distribution and sale of a variety papers products; Fruits and Juices, which comprises over 2,000 hectares of orange, mandarin, grapefruit, lemon, mango and avocado plantations, and Agriculture and Livestock, which is carried out through its subsidiary La Biznaga SAACIF. As of May 31, 2012, Ledesma owned such other subsidiaries as Calilegua SA, Castinver SA, Bio Ledesma SA and Glucovil Argentina SA, among others.