Mergers & Acquisitions
By The Online Investor Staff, updated Sat., Sep. 19, 8:05 AM
| This Slide: #45 of 100 |
Slide #45. Village Farms International, Inc. — Pure Sunfarms Corp.
Acquirer:
Village Farms International, Inc. (NASDAQ:VFF)
Acquiree:
Pure Sunfarms Corp.
Details:
Village Farms International, Inc. ("Village Farms" or the "Company") (NASDAQ: VFF) (TSX: VFF) today announced it has entered into a definitive purchase and sale agreement with Emerald Health Therapeutics, Inc. ("Emerald") to acquire 36,958,500 common shares of Pure Sunfarms Corp. ("Pure Sunfarms") owned by Emerald, representing approximately 41.3% of the issued and outstanding common shares of Pure Sunfarms (the "Pure Sunfarms Transaction"). Upon completion of the Pure Sunfarms Transaction, Village Farms will own 100% of the common shares of Pure Sunfarms. The total purchase price of C$79.9 million (US$61.0 million) will be satisfied through a C$60.0 million (US$45.8 million) cash payment and a C$19.9 million (US$15.2 million) promissory note due six months from the closing date of the Pure Sunfarms Transaction. The Pure Sunfarms Transaction will be immediately accretive to Village Farms' net income.
Village Farms International produces, markets and sells tomatoes, bell peppers and cucumbers, with its primary operations in the United States and Canada. Co.'s products are marketed and distributed under its Village Farms® brand name and other brand names, primarily to retail supermarkets and dedicated fresh food distribution companies. Co. also markets and distributes produce under exclusive arrangements for other greenhouse producers primarily located in British Columbia, central Mexico and the north eastern part of the United States.
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