28 June 2021, Shanghai: ADAMA Ltd. and Jiangsu Huifeng Agrochemical Co., Ltd (Jiangsu Huifeng) released an announcement on completion of second phase acquisition transaction as disclosed previously on 31 May, 2021 that ADAMA completed transaction for 51% of equity of plant protection business assets in Jiangsu Huifeng.
Phase one: ADAMA acquired 51% equity of Shanghai Dibai Plant Protection Co., Ltd. (Shanghai Dibai renamed to “ADAMA Huifeng (Shanghai) Agricultural Technology Co., Ltd”), according to announcement in Dec. 2020. The company was a wholly-owned subsidiary of Jiangsu Huifeng.
Phase two: in phase two transactions just completed, ADAMA acquired 51% major equity of ADAMA Huifeng (Jiangsu) Co., Ltd., a wholly-owned subsidiary of Jiangsu Huifeng established recently to undertake TC synthesis assets and pharmaceutical assets of Jiangsu Huifeng’s key plant protection.
The total transaction amount in two phases reached around USD192 million.