Local Bounti Corp., an indoor agriculture company, has entered into a definitive agreement to acquire California-based complementary indoor farming company Hollandia Produce Group Inc., which operates under the name Pete's®, for total consideration of $122.5 million, subject to customary adjustments. The transaction consideration will comprise $92.5 million in cash, expected to be provided pursuant to Local Bounti's existing lending facility with Cargill, and the remaining $30 million of consideration payable in
Gulf chief invests in indoor farming firm
published : 30 Jun 2021 at 04:00
Sarath: A personal investment This is my personal investment, nothing to do with Gulf, Mr Sarath told the Bangkok Post. Food has high potential, especially during Covid as people are more aware of nutrition.
Local Bounti plans to go public through a merger with a special purpose acquisition company, Leo Holdings II Corp that is listed on the New York Stock Exchange (NYSE).
The combined businesses are estimated to be worth US$1.1 billion and will continue to be listed on the NYSE.
Another strategic partner US agriculture firm Cargill is expected to invest $200 million, according to a Local Bounti statement. The firm plans to use the capital to construct indoor farming facilities across the western US.
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