Golden Wing Mau builds up 20% stake in New Zealand fruit producer T&G Global

Chinese fruit exporter Golden Wing Mau Agricultural Produce has acquired a 19.99% stake in New-Zealand-based T&G Global.

With this acquisition, Golden Wing Mau has now become the second largest shareholder in T&G Global.

Golden Wing Mau purchased 13.2 million shares from Bartel Holdings and paid $2.95 for each share.

It paid the same price to Tiger Ventures NZ for 11.3 million shares.

The Chinese firm paid a total of $72.2m to build up a 19.9% stake in the T&G Global. The acquisition price is higher than the $61.3m market valuation, or $2.50 a share, reported Nbr.co.nz.

The deal is expected to be completed by September following approval from Chinese regulatory authorities.

After this acquisition, T&G Global will continue to be controlled by Germany-based BayWa Holdings, which holds a 73% stake.

With this deal, T&G Global will be owned by two foreign investors.

T&G was previously known as Turners and Growers (T&G).

Last December, Golden Wing Mau merged with Joyvio Group to form an integrated fresh fruit business in China, with annual sales of CNY5bn.