Syngenta announced Oct. 24 that Adama Agricultural Solutions Ltd. and Syngenta AG have entered into binding agreement with Nufarm Ltd. to sell a portfolio of crop protection products for an agreed-upon transaction value of $490 million (U.S.). The combined portfolio of products being divested includes off-patent crop protection formulations in the herbicides, fungicides, insecticides and other categories in the European Economic Area (EEA).

The transaction was carried out in accordance with the commitments made to the European Commission relating to ChemChina’s acquisition of Syngenta, which was completed in May 2017.

Syngenta said completion of the transaction is subject to clearance by the relevant European competition authorities, as well as qualification of Nufarm by the European Commission as a “suitable purchaser,” as stipulated under the commitments.

Syngenta will also sell $50 million worth of inventory to Nufarm at the closing of the transaction, which is expected to occur in the first quarter of calendar year 2018.

No physical assets (apart from inventory) or personnel will be transferred as part of the transaction, Syngenta said.