NADEC signs MoU to acquire some or all assets of DAVA

NADEC's logo

National Agricultural Development Co. (NADEC) signed a non-binding memorandum of understanding (MOU) with Dava Agricultural Co. (DAVA) and the sole shareholder in DAVA, Battal Saeed Battal Al Dosary, to enter into discussions regarding proposed acquisition of Dava, or certain assets that have an area up to 70 hectares.

DAVA’s business includes advanced hydroponic and climate-controlled greenhouses on multiple sites in the Kingdom for vegetables and fruits production, the company said in a bourse statement today, March 8, 2021.

The MoU shall be effective from the date of signing, March 7, 2021, and for a period of six months. Each of the parties may terminate the MoU pursuant to a written notice.

The proposed transaction will be subject to a number of conditions including, without limitation, determining the nature of the transaction, whether NADEC will acquire the entire share capital or certain assets of DAVA.

The option will be determined following completion of the financial, commercial, legal, and tax due diligence, finalizing the definitive documentation, and obtaining any third-party approvals, including any regulatory approvals required from any government authority in the Kingdom.

The company will complete the financial, commercial, legal and tax due diligence during the MoU period, the statement added.

For More M&As