As per the terms of the agreement, Hortifrut will acquire 1,450ha of land, facilities, and equipment in two packing units
Chilean fruit company Hortifrut has entered a merger agreement with a Peru-based agriculture company Talsa to acquire its blueberry business for $160m.
Talsa is one of the major producers and exporters of blueberry products in the Southern Hemisphere, according to Hortifrut.
As per the terms of the agreement, Hortifrut will acquire 1,450ha of land, facilities, and equipment in two packing units.
The deal value will also include a 17.13% stake in the merged company’s stocks and a result-based reward. By acquiring Talsa’s blueberry business, Hortifrut anticipates reaching a production capacity of nearly 45,000t annually with the potential to reach 100,000t per year.
The agreement will further expand Hortifruts current 350ha of farmland in Trujillo and 400ha located in Olmos, which it owns through a partnership with Spanish firm Atlantic Blue, bringing in a total of a 2,200ha production area.
By acquiring Talsa’s blueberry business, Hortifrut anticipates reaching a production capacity of nearly 45,000t annually with the potential to reach 100,000t per year.
Hortifrut president Victor Moller said, “This merger provides Hortifrut and the Naturipe Brand a unique position within the industry, ensuring first quality production facilities in the US, Mexico, Brazil, Argentina, Chile, Europe, Asia, and now with a stronger position in Peru.”
“This agreement positions us as a leading global platform of enormous strength throughout the 52 weeks of the year, making us a very attractive player for retailers, food service distributors and e-commerce channels worldwide”, he added.
