- Wide Open Agriculture (ASX:WOA) has been given the green light to complete its acquisition of Prolupin GmbH
- It follows the final conditions being met following a creditors’ meeting over the asset purchase agreement stuck between both parties
- WOA will hand over $4.2 million in cash to complete the deal
- Through this deal, WOA is poised to become the world’s largest lupin protein producer
- Shares in WOA last traded at 17.5 cents
Wide Open Agriculture (ASX:WOA) shares are facing some challenges today, but this aligns with the overall market performance.
However, the company has today shared an update regarding its acquisition of Prolupin GmbH assets.
Agreement inked on October 10
Wide Open Agriculture entered into this agreement to acquire Prolupin’s assets, which will significantly increase its capacity for Buntin protein.
The leading regenerative food and agriculture company today announced that Prolupin’s creditors have granted their consent and approval for the deal to proceed. This crucial creditors’ meeting took place yesterday – October 18.
As a result of this meeting, all outstanding conditions have been met under the asset purchase agreement. Wide Open will acquire Prolupin’s assets for a total consideration of $4.2 million cash, to be paid within eight days of the meeting.
World’s largest lupin protein producer
In light of today’s acquisition go-ahead, the company is poised to become the world’s largest lupin protein producer, acquiring immediate commercial-scale manufacturing.
Buntine protein is a regenerative plant-based protein that aids in the fight against climate change. WOA’s patented processing system is fossil-fuel-free, uses renewable energy sources and involves no hazardous chemicals or solvents.
Not only that, Wide Open will have the ability to produce different lupin concentrates and also unlock commercial opportunities in other parts of the globe, i.e Europe.
Management comment
WOA CEO Jay Albany mentioned the company was “incredibly proud” to take a significant leap in its journey through this acquisition.
“The acquisition of Prolupin’s assets not only represents a major milestone for our company but also cements our position as the world’s premier lupin protein producer,” he said.
“With this move, we’re not just expanding our manufacturing capacity but also unlocking the potential to diversify our lupin product offerings.
“Most importantly, we’re forging stronger connections in the European market, opening doors to a myriad of potential commercial opportunities.”
Shares in WOA last traded at 17.5 cents.