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Yara International ASA has closed its acquisition of Bunge's fertilizer business in Brazil, marking a major step forward for its growth ambitions in the region.

"I am pleased to announce the closing of this acquisition, which allows us to proceed with the important work with integration, synergy harvest and positioning for further growth in Brazil. Yara intends to play a key role in the further development of Brazilian agribusiness," said Jørgen Ole Haslestad, President and Chief Executive Officer in Yara International.

With a capacity of 32 blending units and three production sites, the new combined Yara Brazil is present in all the key agricultural production areas and segments, and is well positioned for continued growth.

The transaction is valued at USD 750 million and comprises a net operating capital value of USD 385 million and other assets valued at USD 365 million, with the operating capital value subject to post-closing adjustment. Yara is targeting USD 50 million annual synergies from 2014.

Yara will consolidate the acquired business effective 1 August 2013, including possible goodwill, and measure all identifiable assets acquired and liabilities assumed at their acquisition-date fair values.

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