Fairfax Financial Holdings Limited acquired 2.497,5mln shares of Astarta Holding N.V, which comprises 9.99% stake, for the price of PLN 60 per share, according to Warsaw Stock Exchange.
Thus, it cost USD 35.65mln. The corresponding agreement the parties reached on August 24, 2016. The founding companies of agricultural Astarta operating in Ukraine are Albacon Ventures Ltd associated with Valerij Ivanchik and Viktor Korotkov's Aluxes Holding Ltd. The buyer has also rights to buy out the remaining equity belonging to Korotkov by two tranches for 9.99% and 7.8% in stakes. Such options will become available, not earlier than in two and four months after completion of the main part of the deal.
Upon the completion, the parties will continue collaboration. Astarta will have to call a general meeting in case Fairfax decides to have its representative in the board of directors of the holding. At this, Fairfax can place its chairman for the board too.
Astarta is a vertically integrated agricultural and industrial holding operating in Poltava, Vinnytsia, Khmelnytsk, Ternopil, Zhytomyr, Chernigiv, Cherkassy and Kharkiv regions of Ukraine.
The holding manages eight sugar plants and owns a land bank of 250 000 ha. The holding also has milk production facilities.