MNP Holdings LLC agreed to acquire Macadamia Nut Business of Health and Plant Protein Group Limited (ASX:HPP) for $23 million on January 29, 2023. The transaction will see MNP take on all US based HPP employees. The funds acquired from the sale will be used to meet any US withholding tax obligations, repayment of the American Agcredit facility. The transaction is subject to clearance from US tax clearance, HPP shareholder approval. Completion of the transaction is targeted for the end of March, 2023. Thomson Geer and Lung Rose Voss & Wagnild acted as legal advisor to Health and Plant Protein Group Limited (ASX:HPP). As of February 23, 2023, HPP has entered into a Share Sale and Purchase Agreement with Hawaiian Host Group for the sale of its macadamia nut business for an enterprise value of $26 million (AUD 37.1 million). The HPP Board considers the transaction to be superior to the MNP Holdings LLC transaction announced on 30 January 2023 and in the best interests of shareholders. Completion of the Hawaiian Host transaction is conditional on termination of the MNP transaction and shareholder approval of the Hawaiian Host transaction under ASX Listing Rule 11.2, which will be sought at an extraordinary general meeting expected to be held in April 2023. HPP intends to seek agreement with MNP Holdings for an early termination of its contract. In the absence of such an agreement, HPP can terminate the MNP Transaction if it is not approved by HPP shareholders on or before 10 April 2023. Completion of the Hawaiian Host transaction is targeted also for April 2023.

Hawaiian Host Group completed the acquisition of HPP America Inc from Health and Plant Protein Group Limited (ASX:HPP) for $25.6 million on April 18, 2023. The acquisition also includes MacFarms, LLC, owner of HPP's Kapua Orchard and macadamia nut business. Health and Plant Protein will pay $0.43 million as the final working capital adjustment.