Syngenta and COFCO International Ltd. announced that Syngenta has entered into a binding agreement to acquire Nidera Seeds, which is currently owned by COFCO International.

Nidera Seeds is a leading seeds company with an extensive proprietary, branded germplasm base in corn, sunflower, sorghum, soybeans and wheat. Seeds activities are mainly concentrated in South America and Europe, with primary focus on Argentina and Brazil. Financial terms of the transaction were not disclosed.

“This agreement is an important step of our strategy to focus on our major businesses," said Johnny Chi, chief executive officer of COFCO International. "Syngenta is well placed to provide Nidera Seeds a strong platform for further long-term growth, creating best value for its customers, farmers and employees.”

Completion of the transaction is subject to clearance by the relevant merger control authorities.