20 June 2011 12:18 [Source: ICIS news]
LONDON (ICIS)--Irish agri-services group Origin Enterprises has reached an agreement to acquire UK-based fertilizer company CM Fertilisers as it expands its nutrition services business, Origin said in a statement on Monday.
Origin is set to acquire 100% of CM Fertilisers, owned by Carrs Milling Industries, for an equity consideration of £19m (€16.7m/$23.8m) along with the working capital-related debt at completion, estimated to be £5.9m.
The transaction is to be funded from existing bank facilities, the statement read, adding that the deal is subject to a number of conditions, including the approval of Carrs Milling shareholders.
A general meeting to approve the transaction will be held on 13 July and the deal is expected to be completed shortly afterwards.
CM Fertilisers, based in Scotland and the north of England, is a leading provider of branded specialist fertilizers, together with integrated nutrient management systems for the arable, grassland, horticulture and forestry sectors.
Origin expects the acquisition to further develop its core position in the provision of sustainable agricultural technologies and integrated on-farm advisory services.
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