Origin Enterprises completes Redoxim deal

18th Sep 2015 14:36

(ShareCast News) - Agri-service group Origin Enterprises has completed the acquisition of Romania-based agronomy service provider Redoxim SRLThe Irish group had announced the €35m deal on 28 July, but the acquisition remained subject to regulatory and shareholders approval.Under the terms of the transaction, Origin will pay €31.5m upon completion with €3.5 million payable on the first anniversary of completion.In the 12 months to 31 December 2014, Redoxim posted revenue and operating profit before non-recurring items of Romanian New Leu (RON) 238.3m (€53.6m) and RON 24.7m (€5.6m), respectively."The transaction underlines Origin's strategic priority to scale its technology and service portfolios in new markets with favourable agronomic application opportunity," group chief executive Tom O'Mahony said.Origin shares were up 1.45% to €7.51 at 1444 BST on Friday.