- Benchmark Holdings has agreed to acquire INVE Aquaculture Holding BV, a leading specialist manufacturer of primary stage technically advanced nutrition and health products for aquaculture, for a total consideration of USD342m (approximately GBP227m).

Of the headline consideration, $300m will be payable in cash and $42m will be satisfied through the issue of consideration shares. Following the acquisition, which is expected to be earnings enhancing in the first full financial year post-completion, INVE management will join the Enlarged Group and invest in Benchmark shares. The cash consideration is being financed by a placing of new shares to new and existing institutional investors raising approximately £185.7m through the placing of 215,922,141 new Benchmark shares at 86p per share.

The balance will be satisfied with debt funding to be drawn under New Debt Facilities provided by HSBC Bank plc and Rabobank (Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A.).

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