Olam International has acquired a 51.0% interest in Togo’s state-owned cotton company, Nouvelle Société Cotonnière du Togo (NSCT or the JV), for a consideration of EUR15.3 million ($24.4 million).
The global food and agri-business, on Nov 20, has signed a share purchase agreement for the company’s equity stake on a cash free, debt free basis and closing net working capital of some EUR19.1 million.
Following the transaction, the Togolese Republic and the national cotton farmers cooperative Federation Nationale des Groupements de Producteurs de Coton du Togo will hold a 24.0% and 25.0% stake in the JV respectively.
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