Brazilian food giant purchases Turkish poultry firm Banvit

Brazilian-based BRF, one of the world's leading food companies in poultry exports, has acquired Turkey's largest poultry firm Banvit.
Turkish poultry producer Banvit announced that it signed a share sales agreement on Monday with Brazilian food processor BRF SA's subsidiary BRF GmbH for the sale of approximately 79.48 percent of its fully paid-up capital in a TL 915.06 million ($243.6 million) venture.
According to the statement released by Banvit on the Public Disclosure Platform (PDP), following the signing of the agreement, a new partnership will be established between BRF and Qatar Investment Authority's subsidiary Qatar Holding LLC with a 60 percent share in BRF and a 40 percent in Qatar Holding, and together with the establishment of the new partnership, the buyer will take over all rights within the scope of the signed agreement and the new partnership will own 79.48 percent of the company shares with the closing of the transaction.
It was noted in the statement that the purchase price was determined to be TL 915.06 million with TL 11.51 per share; however, the said price can be reduced or increased depending on the price adjustments to be made based on the net indebtedness which will be determined on the basis of the interim balance sheet and income table to be issued as of the share transfer date, the operating capital, EBITDA (Earnings Before Interest Taxes Depreciation and Amortization) and the dollar/Turkish lira parity on the related date.
The statement also suggests that a "share purchase offer" obligation will arise for the new partnership after the completion of the share transfer following the fulfillment of the conditions specified in the agreement.

Daily Sabah