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Shareholders of TPB Acquisition Corporation I have approved the business combination with Lavoro Limited, a leading agricultural inputs retailer in Latin America, during a meeting on February 22, 2023. The transaction is set to close on February 27, 2023, with the combined entity expected to commence trading on the Nasdaq under the ticker symbols LVRO and LVROW on February 28, 2023. Lavoro, founded in 2017, is known for its extensive network and support of farmers through innovative technology.
Lavoro Group has announced its agreement to acquire NS Agro, marking its entry into the Chilean and Peruvian agricultural markets. NS Agro specializes in crop protection, fertilizers, and specialty products, with a 2021 revenue exceeding US$190 million. This acquisition aligns with Lavoro's growth strategy, as it aims to expand its market share and enhance its portfolio of agricultural inputs. The transaction is part of Lavoro's larger plan to combine with TPB Acquisition Corporation I to become the first US-listed pure-play Latin American agricultural inputs retailer.
TPB Acquisition Corporation I (Nasdaq: TPBA, TPBAW, TPBAU) announced a merger with Lavoro Limited, Brazil's largest agricultural inputs retailer, with an enterprise value of $1.2 billion. The transaction aims to enhance agricultural productivity in Latin America and increase Lavoro's market share through retail and operational improvements. Lavoro is set to become the first US-listed pure-play Latin American agricultural inputs retailer. The deal could provide Lavoro with up to $225 million in cash proceeds and is expected to close in Q4 2022, pending shareholder approval.
