Switzerland: Chemchina Acquisition Syngenta to Sell Parts of Crop Protection Portfolio
Syngenta announced that in relation to the Chemchina acquisition, it was going to sell remedy assets in crop protection products to Nufarm.
Basel/Switzerland — Adama Agricultural Solutions and Syngenta have entered into binding agreement with Nufarm to sell a portfolio of crop protection products for an agreed transaction value of $ 490 million.
The combined portfolio of products being divested includes off-patent crop protection formulations in the herbicides, fungicides, insecticides and other categories in the EEA. No physical assets (apart from inventory) or personnel will be transferred as part of the transaction. Syngenta will also sell inventory to Nufarm at closing of the transaction, which is expected to occur in the first quarter of calendar year 2018.
The transaction was carried out in accordance with the commitments given to the European Commission relating to Chemchina’s acquisition of Syngenta, which was completed in May 2017.
Completion of the transaction is subject to clearance by the relevant European Competition authorities, as well as qualification of Nufarm by the European Commission as a “suitable purchaser”, as stipulated under the commitments. The disposal process has been carried out under the supervision of Duff & Phelps in their role as the monitoring trustee to the European Commission.