Kernel Holding S.A. has signed an agreement to acquire 100% of Enselco Holding Limited, an agricultural holding with a land bank of 190 thousand hectares, a network of grain elevators, and its own fleet of grain railcars.
The transaction is a consistent step in strengthening vertical integration and consolidates assets within a single corporate structure. The total consideration for the transaction is USD 348 million, which is 5% below the valuation provided by an independent international expert.
Over the past year, Enselco has significantly expanded both its scale and structure: it increased its logistics and storage capacities, while its land bank grew by 42% through M&A - from 134 thousand hectares in 2022 to 190 thousand hectares in 2026.
The independent valuation process and the key terms of the transaction were conducted under the direct supervision and with the approval of Kernel's independent Board members.
"The acquisition of Enselco is Kernel's response to the new reality of the agricultural market - namely, the restoration of a stable export corridor via the Black Sea, which provides us with the confidence to expand our agricultural asset base at this point in time," said Yevgen Osypov, CEO of Kernel. "Land has become an increasingly scarce resource, and companies that combine farming, technology, processing, and logistics are better positioned in the market. Enselco and Kernel have a long track record of close and effective operational cooperation. The consolidation of these assets into a single structure is a logical strategic step that allows us to unlock scale efficiencies in agricultural operations management".