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France’s InVivo plans retail tie-up with Niel-backed SPAC -Breaking

by Mike Robinson

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© Reuters. InVivo’s logo can be seen in the headquarters of the company, Paris, France. December 9, 2021. REUTERS/Sarah Meyssonnier

(Reuters] – French agribusiness firm InVivo is entering exclusive negotiations to combine its retail activities and 2MX Organic. This acquisition vehicle has been backed French telecom billionaire Xavier Niel.

They stated that the deal was based upon a 6.75 million euro (748 million USD) enterprise value of InVivo Retail.

InVivo, which will be a majority shareholder in 2MX Organic’s business through the issuance of new shares would acquire the company as a wholly-owned subsidiary.

They stated that the partners expect to close the deal in the second half year.

This potential alliance marks another milestone in the overhaul by Chief Executive Thiery Blandiniere of InVivo (a collection of cooperatives owned by French farmers).

InVivo acquired French competitor Soufflet last year in a deal valued at 2.2 billion Euros. This increased its capacity for grain trading and added a substantial malt-making operation.

2MX Organic is also supported by Moez-Alexandre Zouari, an entrepreneur, and Matthieu Pigasse a banker. The company had been looking for a merger since it was listed on the stock exchange in late 2020.

($1 = 0.9021 euros)

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