UPL Corporation to acquire Arysta, its subsidiaries in $4.2 billion deal

MUMBAI: UPL Corporation Ltd, a wholly owned subsidiary of agrochemical solutions provider UPL Ltd, has signed a definitive agreement with Platform Specialty Products Corporation to acquire Arysta LifeScience Inc, a global provider of innovative crop protection solutions, and its subsidiaries for approximately $4.2 billion in cash, the company said in a filing to stock exchanges on Friday.

The transaction is subject to customary closing conditions and regulatory approvals, it said.

Sovereign wealth fund Abu Dhabi Investment Authority (ADIA), and leading global alternative asset firm TPG, have partnered to support UPL Corp’s planned acquisition of Arysta LifeScience.

The agreement will see ADIA and TPG Capital Asia invest $1.2 billion ($600 million each) for a 22% combined shareholding in UPL Corp to facilitate UPL Corp’s ~$4.2 billion acquisition of Arysta.

“Backing the Arysta acquisition through our investment in UPL Corp aligns with our strategy of partnering with best-inclass businesses to support and accelerate their growth plans. The combination of Arysta and UPL Corp will create a leading crop protection business with a global footprint and diversified product portfolio supported by a strong manufacturing and R&D expertise,” said Hamad Shahwan Aldhaheri, executive director of the private equities department at ADIA.

UPL Corp is an operating company that leads the international operations of UPL Ltd, a global agrochemical solutions provider listed in India.