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ABL acts on Nufarm’s $1.18bn deal

Corporate and M&A
Agricultural chemicals in field
Arnold Bloch Leibler has advised agricultural chemicals group Nufarm on the sale of part of its South American business to Sumitomo Chemical Company Limited for $1.18 billion.

As announced to the ASX this week, the sale will consist of Nufarm’s South American crop production and seed treatment operations in Brazil, Argentina, Colombia and Chile. Nufarm has also entered into new arrangements to supply products to Sumitomo.

Nufarm’s Managing Director and CEO, Greg Hunt, commented on the importance of the sale: “This transaction represents compelling value for Nufarm shareholders and will provide an opportunity to refocus on other parts of the business where we can generate higher margins and stronger cash flow.”

ABL Corporate Partner Jonathan Wenig led the transaction with Banking & Finance Partner Gen Sexton, supported by Senior Associate Rebecca Zwier and Lawyers Luke Jedynak, Jessica Wills and Simone Gould.

Jonathan Wenig congratulated Nufarm on behalf of the ABL team: “This type of transaction is our raison d'être. Helping a long term client rejuvenate and de-risk its balance sheet and transform its strategy is enjoyable and immensely satisfying for us.”

ABL also advised Nufarm on the placement of $97.5 million of preference securities to Sumitomo in August.

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