July 19 (SeeNews) - Danish agricultural investment company FirstFarms said that it has signed a conditional sales agreement to sell its activities in northwest Romania for 104 million Danish crowns ($17 million/14 million euro).
The deal is expected to be finalised before the end of 2021, FirstFarms said in a press release on Thursday.
You can download the 2023 Agriculture industry in Southeast Europe report here
You can subscribe to our M&A newsletter here
The sale releases 100 million Danish crowns in free cash for the group and does not change the announced expectations for 2021. The company expects EBITDA between 95 and 115 million Danish crowns and EBIT between 45 and 65 million Danish crowns at the end of this year.
"We made a good deal and realised 100 million Danish crowns free cash, which among other things will be invested in the further development of our ever increasing activities, both organic and acquisitive. At the same time, we gained valuable knowledge and experience, which will be used in the rest of our business," FirstFrams CEO Anders H. Norgaard said.
FirstFarms is a public limited company which invests in agriculture and land in Eastern Europe. The company purchases and modernises farming companies in order to optimize their operations in terms of competitiveness of the price and quality of their produce.
(1 Danish crown =0.1345 euro)