HPP lead counsel in significant agritech deal


HPP acted as lead counsel to the shareholders of Pro Farm Technologies Oy, a supplier of nutrient and biostimulant technology and products, which has entered into a definitive purchase agreement for the sale of the company’s shares to Marrone Bio Innovations Inc. (NASDAQ: MBII), a NASDAQ-listed international leader in sustainable bioprotection and plant health solutions.

Pro Farm Technologies Oy is being acquired for an agreed enterprise value of USD 31.8m, including a combination of USD 6.2m cash and USD 12.7m of Marrone Bio Innovations Inc. shares to be paid to Pro Farm Technologies Oy’s equity holders, debt holders and advisors upon the closing of the transaction, as well as the opportunity for potential payment of a total of up to USD 7.5m of additional shares deliverable from 2021 through 2024 based on the achievement of agreed commercial milestones.

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