Genus buys 51% stake of In Vitro Brasil
Genus said on Monday it will acquire a major stake in In Vitro Brasil (IVB), a bovine in-vitro fertilisation technology provider.
Its bovine genetics business ABS will buy 51% of the share capital of IVB for £4.6m.
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The transaction is expected to be completed during the first quarter of 2015 and Genus expects to buy the remaining 49% of the company in 2018.
In Vitro Brasil also operates in the US, Colombia and Uruguay and reported global revenues of £4m in 2014.
Chief executive Karim Bitar said: "IVB's proven success in delivering in vitro fertilisation solutions to commercial dairy and beef producers will enable us to offer our extensive customer base the ability to leverage genetic improvement on both the male and female side of their herds through superior in-house technology."
José Pontes, IVB's chief executive, commented: "IVB's technical knowhow and ABS's genetic improvement capability and strong global presence provide an excellent platform for growth and a real opportunity to deliver demonstrable value to large dairy and beef producers worldwide."
Shares in Genus were down 0.23% to 1278p on Monday at 15:15.