Turpaz Industries Ltd (TASE:TRPZ) agreed to acquire 55% stake in Sunspray Food Ingredients (Pty) Limited for approximately ZAR 270 million on December 15, 2023. The afore mentioned consideration is subject to adjustment according to Sunspray's business performance based on the increase in EBITDA during the years 2024 and 2025, the adjustment of which, will not exceed a total of about ZAR 52.4 million and Iin addition, the agreement includes future consideration for the Sellers based on Sunspray's business performance, based on the increase in average EBITDA between the years 2023-2025, compared to an agreed total of ZAR 79.4 million , with the increase multiplied by 1.65. Rene Cross, CEO of Sunspray will continue to manage and lead Sunspray in the coming years, together with Sunspray's management team, and will join the management team of the Turpaz group. Completion of the transaction is expected during the first quarter of 2024 subject conditions precedents typical for transactions of this nature. Turpaz intends to finance the transaction through bank financing, the scope and terms of which, have not yet been decided as of the date of the report. The agreement includes options (put/call) for the purchase of the remaining shares of Sunspray by Turpaz, exercisable starting January 1, 2027.

Turpaz Industries Ltd (TASE:TRPZ) acquired 55% stake in Sunspray Food Ingredients (Pty) Limited on February 14, 2024.