Genus Completes Acquisition of Genetiporc do Brasil20 February 2014
BRAZIL - Genus plc has confirmed that, further to the announcements on 23 September 2013 and 18 October 2013 regarding Genus' acquisition of Génétiporc, Agroceres PIC, Genus' 49 per cent owned joint venture in Brazil, has completed the acquisition of Genetiporc do Brasil LTDA, Génétiporc's Brazilian joint venture.
Genetiporc do Brasil has been acquired for a total purchase price of Real 19m (£4.9m). The acquisition by Agroceres PIC has been funded by Genus and its joint venture partner, Agroceres, subscribing for additional equity pro rata to their existing equity ownership. For the year ending 31 December 2013 Genetiporc do Brasil had a turnover of Real 26.2m (£6.7m) and profit before tax of Real 2.9m (£0.7m).
Genetiporc do Brasil represents a strategic fit with Agroceres PIC's core activities and the acquisition will bring significant opportunities from the combination of the two operations and will further strengthen Agroceres PIC's business in Brazil.
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