NAIROBI, Kenya, Feb 8 – New York Stock Exchange-listed Seaboard Corporation Limited has announced plans to acquire Kenya’s Unga Group Holdings subject to regulatory approvals.
The firm, which currently has 2.29 percent stake in Unga Group, has proposed a cash offer for ordinary shares in Unga Group that are currently not owned by the corporation or its affiliates.
The corporation says the offer price will be Sh40 per ordinary share valuing the deal at Sh3.03 billion.
Following the acquisition, Unga Group has been delisted from the Nairobi Securities Exchange.
Unga Revenues hit Sh19.5 billion in its full year results ending June 30, 2017.
Sea Board is one of the largest United States companies engaging in pork production and processing and ocean transportation.
In Africa, the company has operations in a number of companies that are engaged in commodity merchandising, grain processing and sugar production.
Seaboard Corporation’s subsidiaries and affiliates employ more than 23,000 people in more than 45 different countries, mostly in the U.S., Latin America and Africa.
With net sales of approximately $6.67 billion annually, Seaboard Corporation is listed 387 on the 2014 Fortune 500 list.
The corporation hopes the completion of the acquisition to be not later than September 30, 2018.