UPL will be purchasing a 20 percent stake in SEEDCORP|HO via its step-down subsidiary Advanta Seeds Holdings UK Ltd for a cash consideration of $42.33 million.
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Global agrochemicals major UPL has acquired 20 percent stake in Brazil-based Seedcorp HO for $42.33 million. The acquisition was done through the company's step-down subsidiary Advanta Seed Business.
The deal has been done as a part of UPL’s purpose to drive collaboration to offer a complete package of solutions to farmers.
The company will be looking to finalise the transaction in January 2023, after receiving approvals from the respective antitrust authorities in Brazil and Uruguay.
80 percent stake in Seedcorp HO will still be held by the company's Uruguay-based parent Hosemillas Holding.
The acquisition will allow UPL to expand its support for sustainable growth across the agricultural sector. The acquisition is in line with UPL's commitment to supporting every stage of the agricultural process, from sowing to post-harvest, the company said.
Seedcorp HO is engaged in the research and development of soybean germplasm. The company is also engaged in the production, marketing, storage, and logistics of soybean as well as corn seeds.
Shares of UPL ended unchanged on Thursday at Rs 766.95.