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Nutrien enters into binding agreement to acquire Ruralco

Published by , Assistant Editor
World Fertilizer,

Nutrien Ltd. has announced that it has entered into a binding agreement with Ruralco Holdings Limited. to acquire all the shares of Ruralco at a price of AUS$4.40/share.

“The combination of our landmark operations with Ruralco in Australia is expected to provide significant benefits including delivering excellent value for both Ruralco and Nutrien shareholders. The acquisition is anticipated to be immediately accretive to Nutrien and is expected to have a post-synergy EBITDA multiple of 5.6 based on 2018 results,” stated Nutrien President and CEO Chuck Magro.

The Head of Landmark, Rob Clayton, commented that, “The combined business will further strengthen the service and innovation that Landmark delivers to Australian growers. With an outstanding team across Australia and access to Nutrien’s expertise, we will provide enhanced solutions and greater value to help Australian growers in an increasingly competitive global market.”

The Nutrien transaction is to be executed via a scheme of arrangement under Australian law and is subject to customary conditions precedent in transactions of this type, including Ruralco shareholder approval and regulatory approval from the Australia Competition and Consumer Commission and the Australian Foreign Investment Review Board.

Ruralco has 105 million ordinary shares outstanding and 1.4 million outstanding performance rights, share rights, and matched shares that will vest prior to the record date resulting in a purchase price of AUS$469 million.

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