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Bond Market News
Olam Group to Sell Agri Unit to Saudi State-Owned Fund
February 24, 2025
Olam Group’s shares jumped after it sold a stake in its agribusiness unit to a state-owned Saudi Arabian investment firm. Saudi Agricultural & Livestock Investment Co., controlled by the country’s sovereign wealth fund, will buy a 44.6% holding for $1.78bn in Olam Agri Holdings. The acquisition will give the Saudi fund 80.01% of Olam Agri, and then three years to exercise a call option on the remaining 19.99%. The deal implies an equity valuation for Olam Agri of $4bn, 23% higher than its current market capitalization.
While Olam’s shares rallied by as much as 9%, its bonds have traded broadly unchanged. Its 5.375% Perp is currently trading at 99.65, yielding 5.65%.
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