UPL Ltd. is close to buying Platform Specialty Products Corp.’s Arysta LifeScience business for more than $4 billion in one of the largest deals by an Indian company, Indian news outlet Deal Street Asia reported, citing three people familiar with the matter.
The Arysta acquisition will help UPL enhance “its solutions to fit local farming needs” and bring in synergies that can benefit its operations in overseas markets, one of the anonymous sources said, according to the news site.
Deal Street Asia said the deal could be announced as early as this week.
Bloomberg reported on June 19 that a consortium including UPL Ltd. was in exclusive talks to acquire the Bill Ackman-backed Platform Specialty Products Corp.’s Arysta. On June 21, Platform confirmed it was in talks with a potential acquirer, but declined to name the company. News reports about a potential deal have persisted since July 2017, when Reuters first reported the two companies were in talks.
Arysta, with a work force of about 3,000 people, accounted for about half of Platform’s $3.8 billion in sales last year.