France's InVivo plans retail tie-up with Niel-backed SPAC (updated)

Teract SA

31/03/2022 18:31

(Adds details)
    March 31 (Reuters) - French agribusiness group InVivo has
entered exclusive negotiations to merge its retail activities
with 2MX Organic  2MX.PA , an acquisition vehicle backed by
French telecoms billionaire Xavier Niel, the companies said on
Thursday.
    The planned deal is based on a 675 million euro ($748
million) enterprise value for InVivo Retail, they said.
    The business would become a fully-owned subsidiary of 2MX
Organic while InVivo would become the majority shareholder of
2MX Organic through the issue of new shares, the companies said
in a statement.
    The partners, who expect to complete the transaction during
the second half of the year, aim to develop InVivo's existing
network of gardening, pet care and grocery stores into a leading
brand of sustainable retail in France and in Europe, they said.
    The potential tie-up marks another step in Chief Executive
Thiery Blandiniere's overhaul of InVivo, a grouping of French
farmer-owned cooperatives. 
    InVivo last year acquired French rival Soufflet in deal
worth 2.2 billion euros, boosting its grain trading capacity and
adding a large malt-making business.  urn:newsml:reuters.com:*:nL1N2SU183
    2MX Organic, which is also backed by entrepreneur
Moez-Alexandre Zouari and banker Matthieu Pigasse, had been
hunting for a merger deal since its stock market listing in late
2020.
   
($1 = 0.9021 euros)

 (Reporting by Anait Miridzhanian and Gus Trompiz; editing by
David Evans)
 ((Anait.Miridzhanian@thomsonreuters.com; +48 58 769 66 05;))