ALCO - Alico purchases 3280 gross citrus acres for $16.45M

Alico (ALCO) announces purchase of ~3,280 gross citrus acres located in Hendry County for $16.45M.This acquisition of the Alexander Grove from the Gardinier Florida Citrus, Inc. allows Alico to add additional scale to its existing 45,000 gross acres of citrus properties.Company was able to defer ~$4M in taxes related to the gain from a sale of ranch land to the State of Florida, as this acquisition was completed using a like-kind exchange structure to fund most of the purchase price.

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Alico purchases 3,280 gross citrus acres for $16.45M