Hortifrut S.A. (SNSE:HF) signed a letter of intent to acquire Vital Berry Marketing S.A. from San Jose Farms and Consulting and Investment Algeciras SpA and other shareholders in stock on October 25, 2012. Under the terms of the deal, Hortifrut would be the continuing company and shareholders of VitalBerry would receive 25% ownership of the combined entity, while the remaining 75% would be controlled by Hortifrut. The deal must be approved at a special meeting of shareholders of Hortifrut and VitalBerry involved to be convened soon.

As announced in February, signing of contracts regarding merger has been postponed. As announced on April 8, 2013, The National Economic Prosecutor approved the transaction. As per revised terms of transaction, shareholders of Hortifrut will hold 82% and shareholders of VitalBerry will hold 18% stake in the combined entity. Pursuant to a series of agreement, San Jose Farms and Consulting and Investment Algeciras SpA will receive 5.84% shares from the merged company. The shareholders of Hortifrut approved the merger on April 30, 2013.