DLF Seeds A/S entered into an agreement to acquire PGG Wrightson Seeds Holdings Limited from PGG Wrightson Limited (NZSE:PGW) for approximately NZD 440 million on August 4, 2018. As part of the agreement DLF Seeds will acquire substantially all the assets and operations of the PGG Wrightson Seeds business in New Zealand, Australia, South America and internationally. In terms of the consideration, DLF Seeds will pay NZD 421 million as consideration and will repay remaining NZD 18 million as net debt outstanding of PGG Wrightson Seeds. The transaction is subject to standard completion adjustments. As of May 1, 2019, DLF Seeds A/S will pay NZD 426 million as purchase price. Post-acquisition, PGG Wrightson Seeds from PGG Wrightson will work under common brand name. The transaction is subject to approval from PGG shareholders, approval of New Zealand Overseas Investment Act, New Zealand Commerce Commission clearance, Australian Competition and Consumer Commission approval and receipt of applicable regulatory approvals in South America, change of control consents from certain PGG Wrightson Seeds’ joint venture partners and PGG Wrightson banking syndicate consent. Post-completion, PGG Wrightson expect to have a net cash balance of approximately NZD 270 million. As per the update on October 11, 2018, Commerce Commission scheduled to make decision by November 28, 2018. As of October 30, 2018, PGG Wrightson Limited shareholders has approved the transaction. As of February 13, 2019, the Commerce Commission approved the deal. As of March 4, 2019, All the conditions has been fulfilled except approval from New Zealand Overseas Investment Office. As of March 28, 2019, transaction remains subject to approval from the regulatory filings in Uruguay. As of April 17, 2019, Overseas Investment Office in New Zealand has approved the transaction and all such conditions has been satisfied. The transaction is expected to complete either at the end of April or May 2019 subject to working through settlement practicalities. As of March 28, 2019, completion is expected to take place before June 30, 2019. Danske Bank A/S acted as financial advisor for DLF Seeds. Credit Suisse and First NZ Capital Limited acted as a financial advisor to PGG Wrightson. KordaMentha has been engaged as an independent appraiser for PGG Wrightson Seeds Holdings Limited to check the merits of the transaction. Simon Vannini, Andrew Matthews, Andrew Harkness, James Hawes, Greg Towers and John Rooney of Simpson & Grierson, Nicolás Piaggio of Guyer & Regules and Rory Moriarty and Jeffrey Tang of Clayton Utz acted as legal advisors for DLF Seeds A/S. John Strowger, Joshua Pringle, Tom Jemson, Andrew Woods and Lucy Cooper of Chapman Tripp and Fernando Jiménez de Aréchaga of Jimenez de Arechaga, Viana & Brause acted as legal advisors for PGG Wrightson Limited. DLF Seeds A/S completed the acquisition of PGG Wrightson Seeds Holdings Limited from PGG Wrightson Limited (NZSE:PGW) on May 1, 2019.