The total amount of the transaction is $348 mln, which is 5% lower than the independent market valuation prepared by an international appraiser for the company’s valuation. The company specified that the price was determined by the directors, who have no conflict of interest. It is also noted that Verevsky abstained from voting on resolutions to approve the agreement. The payment will be made in two stages: $300 million will be paid immediately after the signing of the purchase agreement, the remaining amount – until June 30, 2026, Latifundist writes.
The agreement includes agricultural assets previously sold by Kernel Agroholding in 2022-2023 for $210 million, as well as additional assets acquired and integrated by Enselco since then. These include 56,000 hectares of farmland, including leased land, as well as a network of grain storage facilities, rail cars for grain transportation, machinery and equipment, and working capital.
Why is it important for the grain and oilseed business in the Black Sea region?
“The purchase of Enselco is Kernel’s response to the new reality of the agricultural market, namely a stable export corridor across the Black Sea, which gives us confidence in building agricultural assets now,” said Kernel CEO Evgeny Osipov.
He believes that land is becoming an increasingly scarce resource, so companies that combine agricultural production, technology, processing and logistics have a stronger position in the market.
Last season, including due to the tariff policy (export customs duty on some types of oilseed raw materials), Ukraine significantly increased the production of vegetable oils.
