Comvita buys 20% stake in Uruguay's Apiter for US$6.25M to secure propolis supplies

Tue, 19 Jun 2018

By Jonathan Underhill June 20 (BusinessDesk) - Comvita said it has acquired 20 percent of Uruguay's Apiter for US$6.25 million and signed a long-term supply agreement to secure another source of propolis for sales into Asia. The purchase price is comprised of US$5.65 million in cash and milestone earnouts and US$600,000 of Comvita shares, with settlement due on July 2, Te Puke-based Comvita said in a statement. Propolis is made by bees from plant resins to protect and sterilise their hives. “We have always been supply-constrained for N...

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