A/S Trigon Agri: Closing of acquisition of largest dairy farm in Estonia
AS Trigon Agri is pleased to announce that it, through its subsidiary AS Trigon Dairy Farming, on the 4th of April 2012 successfully finalized its previously announced acquisition of 97.8676% of shares of AS Väätsa Agro.
The total consideration paid pursuant to the transaction documentation was EUR 7.3 million. The transaction was financed with own equity investment of EUR 2.3 million and bank financing of EUR 5 million. Following to the acquisition AS Väätsa Agro has outstanding borrowings in the amount of EUR 600 thousand.
AS Väätsa Agro is the largest milk production farm in Estonia in terms of milk quota with an annual quota of 13.9 million litres of milk. The farm currently farms 4,160 hectares of farmland, including 1,718 hectares in direct ownership and 304 hectares of land under long-term lease agreements from the Estonian State (usufruct), with the remainder being rented mainly from private persons. The farm currently has 3,386 dairy animals, including 1,685 milking cows. Based on the audited results for the financial year ending 31st December 2011, Väätsa Agro achieved EUR 6 million in total net revenue and EUR 970 thousand in EBITDA.
Invitation to press conference
AS Trigon Dairy Farming’s development plans for AS Väätsa Agro will be presented to the media and analysts by Ülo Adamson, President and CEO of Trigon Agri, and Joakim Helenius, Chairman of the Board of Directors of Trigon Agri.
When: Wednesday 11th April 2012, EET 10.00
Where: Trigon Agri office, Viru Väljak 2, Tallinn, Estonia.
The materials to be presented during the press conference will be published on the Company’s website on Wednesday 11th April 2012, EET 10.00.
Mr. Ülo Adamson,
President and CEO of Trigon Agri A/S
Tel: +372 66 79200
About Trigon Agri
Trigon Agri is a leading integrated soft commodities production, storage and trading company with operations in Ukraine, Russia and Estonia. Trigon Agri’s shares are traded on the main market of NASDAQ OMX Stockholm. Trigon Agri is managed under a management agreement by Trigon Capital, a leading Central and Eastern European operational management firm with around USD 1 billion of assets under management.
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