(RTTNews.com) – Norwegian fertilizer business Yara International ASA (YARIY.PK) Friday said it has signed an agreement to acquire Greenbelt Fertilizers, a distributor of fertilizers in Zambia, Malawi and Mozambique for $51 million.
The transaction value includes net working capital of $32 million.
The deal is expected to close in first quarter 2016, subject to competition authority approval and other customary closing conditions.
Yara said it expects continued fertilizer demand growth in Zambia with its neighbouring countries, which is a fast-growing agricultural region with low but increasing fertilizer application rates.
Greenbelt started operations in Zambia in 2004, and has sales of 80 kilotons and an EBITDA of $5 million in the fiscal year ending 31 March 2015. Greenbelt owns three blending plants and three warehouses.
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