Bull and pig sperm specialist Genus has signed an agreement to buy 51 per cent of In Vitro Brasil (IVB) through its bovine genetics business ABS.
The Basingstoke-headquartered company, which had global revenues of more than £4m last year, will pay 20m Brazilian Real (£4.6m) for the deal. It plans to acquire the remaining 49 per cent of IVB in the first half of 2018 by exercising a call option. The price for the remaining stake will be performance-based and is capped at 49m Brazilian Real (£11.2m).
Brazil-based IVB focuses on producing bovine embryos through in-vitro fertilisation.
Genus chief Karim Bitar said: “IVB’s proven success in delivering IVF 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.”