SLC Agrícola S.A. (BOVESPA:SLCE3) entered into a non-binding agreement to acquire Terra Santa Agro S.A. (BOVESPA:TESA3) for BRL 550 million on November 26, 2020. Under the agreement, SLC Agrícola would pay BRL 65 million in own shares, whilst the rest would correspond to debts assumed from Terra Santa. Before concluding the deal, Terra Santa intends to perform a corporate restructuring and separate the assets and liabilities linked to its rural properties into a new publicly-held company whose shares will be held by Terra Santa investors and will not be included in the transaction. The parties intend to submit the transaction for approval by the local competition watchdog, Cade, in parallel to the performance of due diligence and negotiation of the final documents. The Transaction is conditioned on obtaining the approval of the Companies' shareholders at their respective shareholders' meetings, as well as verification of certain other conditions precedent usual for transactions of this nature. As of January 7, 2021, Brazilian Competition Authority CADE has approved the transaction. As of June 21, 2021, SLC Agrícola S.A. and Terra Santa Agro S.A. approvals of the shareholders of the Companies that were pending for the Merger of Shares were obtained. Banco Morgan Stanley S.A. acted as financial advisor to SLC Agrícola S.A. Banco Itaú BBA S.A. and Banco Bradesco BBI S.A. acted as financial advisors to Terra Santa Agro S.A. Pinheiro Neto Advogados and Mattos Filho, Veiga Filho, Marrey Jr. and Quiroga Advogados are acting as legal advisors to SLC and Terra Santa, respectively.

SLC Agrícola S.A. (BOVESPA:SLCE3) completed the acquisition of Terra Santa Agro S.A. (BOVESPA:TESA3) on August 2, 2021.