Costa Group Holdings Limited (ASX:CGC) signed an agreement to acquire citrus and wine assets from Murray River Organics Group Limited (ASX:MRG) for AUD 4.5 million on September 23, 2020. Under the terms of the sale, Costa will take responsibility for the operations and management of the parcel to be sold, including responsibility for operational costs, and entitlement to crops. Murray River Organics Group will lease the property to Costa until the sale is finalized. The parcel includes citrus and wine grape plantings with final settlement of the sale subject to registration of a plan of subdivision, which is anticipated to complete in early 2021. The proceeds from the transaction will be used to pay down debt and allow the business to focus on growth.

Costa Group Holdings Limited (ASX:CGC) completed the acquisition of citrus and wine assets from Murray River Organics Group Limited (ASX:MRG) in October 2020.