Camil Alimentos, Brazil’s rice-processing company, has expanded overseas with the acquisition of Rice Paraguay and a majority share in Villa Oliva Rice.
Struck through the Paraguayan company Q2PY, the deal involves shares representing 100% of Rice Paraguay and 80% of Villa Oliva Rice.
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Q2PY, a company controlled by Camil’s CEO Luciano Quartiero, will enter a purchase and sale agreement with Camilatam, a subsidiary of Camil, as an extension of the transaction.
Camilatam will purchase the majority shares of Villa Oliva from Q2PY for $33m.
The completion of the transaction is contingent on customary conditions, including the transfer of certain rural properties from Villa Oliva to Q2PY.
Post-reorganisation, Rice and Q2PY will lease 18,000 ha of land and the existing irrigation system to Villa Oliva for five years, with an option to renew for another five years.
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By GlobalDataUpon completion, Q2PY will control Rice and own the rural properties, while Camilatam will have a controlling interest in Villa Oliva.
Villa Oliva will lease the rural properties and own the industrial assets, agricultural equipment, and other operational assets necessary for rice production and processing.
