Grupa Azoty SA, Tarnów, has met all the conditions for the acquisition of Münster, Germany-based specialty fertilizer and biostimulant manufacturer Compo Expert Group, and will now move into the final stage of the transaction, the group’s President of the Management Board Wojciech Wardacki said in a Nov. 9 earnings call.
Grupa Azoty shareholders last month gave their approval for the transaction. The Turkish Competition Authority also has green-lighted the deal, as have antitrust authorities in Germany and Austria (GM Oct. 12, p. 26). These approvals mark the fulfillment of the necessary conditions laid out in the agreement signed in September between the Polish fertilizers and chemicals group and Goat Netherlands BV for the acquisition of 100 percent of the shares of Goat TopCo, which controls the companies of Compo Expert Group (GM Sept. 7, p. 1). Goat Netherlands is an entity of London-headquartered private equity firm XIO Group
Wardacki said the transaction will close on the terms and within the deadlines provided for in the agreement. Grupa Azoty is paying not higher than €235 million (approximately $265.5 million) for the shares, and has said previously the deal will financed entirely with credit lines available to the group.
Closing of the Compo Expert transaction is expected no later than the first quarter of 2019.