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SINGAPORE: Olam International said it has signed agreements to buy almond assets in Australia worth A$160 million.
Under the terms, Olam will buy 3,853 hectares of planted almond orchards and 48,259 mega litres of permanent water rights from the receivers and managers of two of Timbercorp Primary Infrastructure Fund's sub-trusts.
The two sub-trusts were placed into receivership in September, after Timbercorp was placed into liquidation in June.
Olam will fund the acquisition from a combination of internal accruals and existing credit facilities.
It said the transaction is subject to certain regulatory approvals and other customary conditions, and is expected to close in January 2010. It added that the transaction is expected to be earnings and value accretive from year one.
The company's executive director, Shekhar Anantharaman, said the acquisition builds on Olam's corporate strategy to enhance its presence across the upstream part of the almonds value chain.
Macquarie Capital and Freehills are advising Olam on the deal.
- CNA/sc
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