AGRI - AgriFORCE Growing Systems stock soars premarket on LOI to acquire Deroose Plants

AgriFORCE Growing Systems (NASDAQ:AGRI) stock soared 20% premarket after the company announced a binding LOI to acquire Deroose Plants, one of the largest tissue culture propagation firms in the world. The net purchase price is expected to be ~$69M. Purchase price represents ~$46.4M for the Deroose business on a cash and debt free basis and $22.6M for the IP portfolio. The acquisition is expected to strengthen AGRI's integrated AgTech business model by providing a leading position in tissue culture propagation and plant cultivation, including a robust IP portfolio, aimed at delivering increased crop yields with a reduced environmental footprint. The deal will enable AGRI and Deroose to drive further growth in core markets for the development and trade of horticulture, plantation crops, as well as fruits and vegetables. "Finally, with the Deroose acquisition, we see opportunities to capitalize on a variety of business synergies, including building on Deroose's Florida Campus

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AgriFORCE Growing Systems stock soars premarket on LOI to acquire Deroose Plants