Biobest acquires Biotrop
Client(s) Biobest Group NV
Jones Day is representing Biobest Group NV, a Belgian developer of biological crop-protection products in its €500 million capital and debt raise for the acquisition of Biotrop Participacoes SA, a provider of biological and natural farming solutions in Brazil, for an enterprise value of about €532 million.
Biobest will acquire 85% of the shares based on an enterprise value of BRL 2.8bn (€532 million) on a fully diluted basis. The remaining 15% will be acquired by Biobest after a transition period of three years. The transaction is expected to close before the end of the year subject to clearance of customary closing conditions. This transaction allows Biobest to take a major position in South America and to start its transformation journey from a horticulture biocontrol and pollination specialist to a major biologicals player in agriculture, covering biocontrol, inoculants, biostimulants and pollination in covered and in open-field crops.
To finance this transaction, Biobest will proceed to a €400 million capital increase which will be subscribed by some of its existing shareholders and by new shareholders. An additional €100 million loan facility will be negotiated.