SYDNEY, AUSTRALIA: Elders Limited (ASX: ELD) has acquired a 11.295% curiosity in PGG Wrightson Limited (NZX:PGW) in line with its geographic diversification strategy.
The 11.295% curiosity was acquired by private sale at NZ$4.35 (A$4.121) per PGW share for a complete funding of roughly NZ$37.1 million (A$35.2 million), funded through existing debt facilities.
Elders doesn’t currently intend to provoke a proposal to purchase management of PGW.
PGW is a full-service agricultural provides and services enterprise listed on the New Zealand Stock Exchange with a market capitalisation of roughly NZ$312 million2. It has a wealthy heritage of greater than 170 years working alongside New Zealand farmers to service their on-farm needs. It employs over 1,800 people located in roughly 170 locations throughout New Zealand.