```html
Saudi Salic to acquire Olam Agri
Singaporean agri-business Olam International Ltd and Saudi Agricultural and Livestock Investment Co (Salic) have signed a non-binding Memorandum of Understanding (MOU) to explore the potential acquisition of Olam’s entire stake in Olam Agri by Salic.
Under the terms of the MOU, Salic would acquire Olam’s entire 51.3% direct and indirect shareholding in Olam Agri for a cash consideration of approximately US$1.24 billion. The transaction is subject to due diligence, definitive agreements, regulatory approvals and other customary closing conditions. There is no certainty that the proposed transaction will be completed.
Olam Agri is one of the world’s leading agricultural commodity and food processing companies with a global presence in 60 countries and a team of 28,000 employees. Its business portfolio extends across the entire agricultural value chain including farming, processing, and distribution of grains, oilseeds, protein, rice, edible oils and packaged foods.
Salic is a Saudi Arabian agricultural investment company established in 2012 to develop the country’s agricultural sector. It has invested in a portfolio of agricultural assets both domestically and internationally, including poultry, dairy, and grain production.
The potential acquisition of Olam Agri by Salic would create a leading global agricultural player with a combined revenue of approximately US$20 billion and a presence in over 100 countries.
The transaction is expected to close in the first half of 2023.
```