Americold Realty To Buy Agro Merchants From Oaktree Capital For $1.74 Bln – Quick Facts

(RTTNews) – REIT Americold Realty Trust (COLD) announced Tuesday that it has entered into a definitive agreement to acquire privately-held Agro Merchants Group from an investor group led by funds managed by Oaktree Capital Management, L.P. for a total of $1.74 billion.

The consideration consists of $554.3 million in Americold common shares, $519 million in cash, repayment of approximately $560 million of in-place Agro debt and assumption of approximately $110 million of in-place Agro capital leases and sale leaseback financing obligations.

The acquisition, subject to customary and regulatory closing conditions, is expected to close late in the fourth quarter of 2020 or early in the first quarter of 2021.

Americold expects this transaction to expands its strategic footprint into Europe and positions it to more effectively serve multinational customers on a global scale.

The deal is expected to be modestly accretive in 2021 with significant long term benefits and value creation through the operational integration of an aggregated portfolio.

Upon closing, Americold’s portfolio, including owned and managed sites, will consist of 229 facilities totaling approximately 1.35 billion refrigerated cubic feet, with a global network spanning four continents.

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