ADIA and TPG to partner with UPL Corporation for Arysta LifeScience acquisition
Mumbai, San Francisco, and Fort Worth - July 20, 2018 – A wholly-owned subsidiary of the Abu Dhabi Investment Authority (“ADIA”), and leading global alternative asset firm TPG, have partnered with UPL Corporation Limited (“UPL Corp”) to support UPL Corp’s planned acquisition of Arysta LifeScience Inc. and its subsidiaries (collectively, “Arysta”) from NYSE-listed Platform Specialty Products Corporation. Arysta specialises in the development, formulation, registration, marketing and distribution of differentiated crop protection solutions, including BioSolutions and seed treatment products.
The agreement will see ADIA and TPG Capital Asia invest $1.2 billion ($600 million each) for a ~22% combined shareholding in UPL Corp to facilitate UPL Corp’s ~$4.2 billion acquisition of 100% of Arysta. The transaction is subject to customary regulatory approvals.
UPL Corp is an operating company that leads the international operations of UPL Limited, a global agrochemical solutions provider listed in India. UPL Corp’s acquisition of Arysta will create a global leader in agriculture solutions with a diversified portfolio across all market segments and fulfils UPL’s objective of creating an integrated patent and post-patent agricultural solutions business with a global footprint.
Hamad Shahwan Aldhaheri, Executive Director of the Private Equities Department at ADIA, said: “Backing the Arysta acquisition through our investment in UPL Corp aligns with our strategy of partnering with best-in-class businesses to support and accelerate their growth plans. The combination of Arysta and UPL Corp will create a leading crop protection business with a global footprint and diversified product portfolio supported by a strong manufacturing and R&D expertise.”
Puneet Bhatia, Co-Managing Partner of TPG Capital Asia, said: “We are excited to partner with the founders and management of UPL who have a stellar track record of acquiring and integrating global businesses successfully. The combined platform will generate compelling synergies, and with the addition of Arysta, UPL will reach more than 130 countries with more than 12,800 products and be well poised for further expansion in their sector. This is a landmark transaction that will foster a strong value proposition for the entire ecosystem of growers, distributors, suppliers and innovation partners.”
Established in 1976, ADIA is a globally-diversified investment institution that prudently invests funds on behalf of the Government of Abu Dhabi through a strategy focused on long-term value creation.
ADIA has invested in private equity since 1989 and has built a significant internal team of specialists with experience across asset products, geographies and sectors.
Through its extensive relationships across the industry, the Private Equities Department invests in private equity and credit products globally, often alongside external partners, and through externally managed primary and secondary funds. Its philosophy is to build long-term, collaborative relationships with its partners and company management teams to maximise value and support the implementation of agreed strategies
TPG is a leading global alternative asset firm founded in 1992 with approximately $84 billion of assets under management and offices in Austin, Beijing, Boston, Dallas, Fort Worth, Hong Kong, Houston, London, Luxembourg, Melbourne, Moscow, Mumbai, New York, San Francisco, Seoul, and Singapore. TPG’s investment platforms are across a wide range of asset classes, including private equity, growth venture, real estate, credit, public equity and infrastructure. For more information, visit www.tpg.com.
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