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Omnia Group to acquire 100% of Oro AgriOmnia Group, an international player in the AgriBio and water soluble nutrient markets, has agreed to acquire 100% of the ordinary shares of Oro Agri SEZC and 52% of the ordinary shares of Oro Agri SA, not already owned by Oro Agri SEZC, for a total consideration of USD100 million. Omnia will fund the transaction through existing available cash. The effective date of the transaction is 1 January 2017 and is expected to close in the next two months.
Following implementation, Oro Agri SEZC and ORO Agri SA will become subsidiaries of Omnia and will report under the Agriculture segment. The transaction is subject to the fulfilment and/or waiver of a number of conditions precedent, including approval by the SA Reserve Bank and other regulatory authorities. Competition Commission approval is not required in the various jurisdictions in which Oro Agri operates.
Commenting on the transaction, Omnia Group MD, Adriaan de Lange said: “As a market leader in plant nutrition products and services in South and Southern Africa, we work closely with customers to improve the performance of their crops. In line with the next phase of the 'green revolution' in the global agriculture sector, the demand for AgriBio products is underpinned by the increasing emphasis on nutrient and water use efficiency, coupled with the rising demand for products that are environmentally friendly, enhance crop performance and improve yields. This transaction is in line with Omnia’s stated strategy and the next step in the evolution of our Nutriology concept of 'the science of growing.'”
Oro Agri was established in the late 1990s and commenced operating as a corporate entity in the USA in 2002. Commenting on the transaction, Oro Agri Chairman and CEO Erroll Pullen said: “We are looking forward to joining Omnia and creating new opportunities to develop the business internationally. Omnia is recognised as an international player in the AgriBio market, with the Agriculture division the market leader in plant nutrition products in South Africa and southern Africa. We are excited to be a part of the group’s future growth both locally and internationally.”
De Lange added, “Omnia will have access to Oro Agri’s global network through its operations in Brazil, Europe, South Africa and the USA, with early developments in Asia Pacific. We will leverage the synergies between the two companies to maximise the sales potential in these key markets. Omnia’s IP portfolio and product registrations process will be enhanced by the global experience and knowledge of the Oro Agri team in the various regions.”
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Publication date: 3/9/2018
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