ADX-listed agro-food outfit Invictus Investment — a unit of Ghitha — is acquiring up to 65% of Angola-based fertilizer blending company Angata, according to a statement (pdf). The acquisition is taking place through a stake in holding company Mauritius-based Dagro Chemicals, for which Invictus has already secured board approval, according to a separate filing (pdf) to the Abu Dhabi bourse. The transaction remains subject to regulatory approvals and final closing procedures. No details were provided on the financial terms or the timeline of the acquisition.

The acquisition marks Invictus’ entry into Angola’s agri-input space and a broader pivot from trading into upstream agricultural services. Angata has an annual capacity of 100k metric tons and plans to up its capacity throughout the year. It’s located in the strategic Lobito corridor linking Angola to the Atlantic coast.

Invictus has been looking south: The Ghitha unit recently acquired Mozambique’s largest milling company Merec Industries’ parent company Stratton Africa Holding for an undisclosed sum, as it looks to ramp up downstream and midstream segments particularly in high-potential African markets. It also nabbed a 60% stake in Moroccan agriculture trader Graderco last year.

IN CONTEXT- Ghitha is sitting on a packed M&A pipeline. The F&B giant is looking to double itsrevenues to AED 10 bn over the next three years, and is eyeing acquisitions in the UAE, the wider MENA region, and Southeast Asia, while also exploring new export channels to the US.

Market reax: Ghitha’s share price was down 0.7% yesterday to settle at AED 21.7 apiece.

OTHER M&A NEWS-

SPEAKING OF FERTILIZERS- UAE-based Nas Investment Holding upped its bid price to acquire up to 57.5% of EgyFert to EGP 102 per share, up from EGP 95, according to a statement (pdf). The decision was approved by Egypt’s Financial Regulatory Authority (FRA), which granted Nas a one-day extension for the mandatory offer until Sunday, 1 June.

The new price is 1% lower than Egyfert’s share price at market close yesterday, which settled 5% higher at EGP 103 apiece. The offer, which could raise Nas’ stake in EgyFert to 90%, is now valued at EGP 563 mn.

REMEMBER- The transaction will be financed through Nas’ own resources. Nas also doesn’t have plans to delist Egyfert from the EGX.

ADVISORS- Nas enlisted Al Ahly Pharos as broker on the transaction, while MHR & Co and White & Case are legal advisors.

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