Cargill, Incorporated and Golden Growers Cooperative (OTCPK:GGRO.U) entered into a definitive agreement to acquire 51% interest in Progold Limited Liability Company from American Crystal Sugar Company.

Cargill, Incorporated and Golden Growers Cooperative (OTCPK:GGRO.U) entered into a definitive agreement to acquire 51% interest in Progold Limited Liability Company from American Crystal Sugar Company on February 24, 2022. Under the transaction, Golden Growers Cooperative is acquiring an additional 1% interest in Progold, post which Cargill and Golden Growers Cooperative will each own a 50% interest in ProGold. ProGold will operate as a Joint Venture of Cargill and Golden Growers.

ProGold's board of governors will initially be comprised of six members, with each member having the right to appoint three of these governors. The transaction is expected to close by end of February 2022. The closing of purchase of ProGold interests pursuant to the Option is expected to occur on March 1, 2022 and is subject to various terms and conditions.