Sovereign wealth fund Abu Dhabi Investment Authority (ADIA), and alternative asset firm TPG have partnered to support UPL Corp's planned acquisition of Arysta LifeScience
Mumbai: UPL Corporation Ltd, a wholly owned subsidiary of agrochemical solutions provider UPL Ltd, has signed a definitive agreement with Platform Specialty Products Corporation to acquire Arysta LifeScience Inc, a global provider of innovative crop protection solutions, and its subsidiaries for approximately $4.2billion in cash, the company said in a filing to stock exchanges on Friday.
The transaction is subject to customary closing conditions and regulatory approvals, it said.
Sovereign wealth fund Abu Dhabi Investment Authority (ADIA), and leading global alternative asset firm TPG, have partnered to support UPL Corp’s planned acquisition of Arysta LifeScience.
The agreement will see ADIA and TPG Capital Asia invest $1.2 billion ($600 million each) for a 22% combined shareholding in UPL Corp to facilitate UPL Corp’s $4.2 billion acquisition of Arysta.
“Backing the Arysta acquisition through our investment in UPL Corp aligns with our strategy of partnering with best-in-class businesses to support and accelerate their growth plans. The combination of Arysta and UPL Corp will create a leading crop protection business with a global footprint and diversified product portfolio supported by a strong manufacturing and R&D expertise," said Hamad Shahwan Aldhaheri, executive director of the private equities department at ADIA.
UPL Corp is an operating company that leads the international operations of UPL Ltd, a global agrochemical solutions provider listed in India. UPL Corp’s acquisition of Arysta will create a global leader in agriculture solutions with a diversified portfolio across all market segments.
“The combined platform will generate compelling synergies, and with the addition of Arysta, UPL will reach more than 130 countries with more than 12,800 products and be well poised for further expansion in the sector. This is a landmark transaction that will foster a strong value proposition for the entire ecosystem of growers, distributors, suppliers and innovation partners," said Puneet Bhatia, co-managing partner of TPG Capital Asia.
Subscribe to Mint Newsletters
* Enter a valid email
* Thank you for subscribing to our newsletter.
Never miss a story! Stay connected and informed with Mint.
our App Now!!