Comvita to take controlling stake in Chinese distributor in $30 mln all-stock deal

Sun, 04 Sep 2016

By Jonathan Underhill Sept. 5 (BusinessDesk) - Comvita plans to acquire 51 percent of its Chinese distributor in a $30 million all-stock deal that will see the owners of Shenzhen Comvita Natural Food Co lift their holding in the New Zealand manuka honey products company to more than 11 percent. The deal is expected to be earnings accretive for Comvita in the first year, excluding one-time costs. Comvita would acquire 51 percent in what would become a joint venture by issuing 2.83 million Comvita shares at $10.60 a share. The transaction,...

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