Kalera to acquire vertical farming peer &ever

Kalera has entered into a share purchase agreement for the acquisition of &ever, a vertical farming company headquartered in Germany, with operations in the Middle East, Asia and Europe.

The agreement will see &ever shareholders receive €21.6 million in cash and around 28 million Kalera shares at a subscription price of NOK 36.68 (approx. €3.5).

Kalera shareholders will own an 87% stake in the combined company, while current &ever shareholders will own 13%, on a fully diluted basis.

Through the acquisition, Kalera aims to broaden its product line and accelerate its plans for international growth.

"With Kalera's farms in North America and &ever's operations in Asia, the Middle East and Europe, we will jointly revolutionise the global vegetable production industry and further expand our market leadership in vertical farming," said Daniel Malechuk, CEO of Kalera.

"In addition, we see &ever's climate cell technology and their high degree of automation as excellent additions to our advanced nutrient management system, which will further increase the productivity of our production facilities."

Malechuk continued: "The merger is an important milestone for the global future of vertical farming. We are very much looking forward to the next steps with &ever as a new, stronger Kalera."

The transaction is expected to be completed by the end of September and is subject to customary closing conditions.

Source and Photo Courtesy of Foodbev

Source: Foodbev