The UK’s AstraZeneca today announced the sale of its seed business, Advanta BV, to San Francisco private equity firm Fox Paine and agribusiness Sygenta. Fox Paine paid €161 million ($192 million) for its stake. Sygenta’s contribution is valued at €239 million.
The deal gives Fox Paine all of Advanta’s operations outside North America and all non-corn and non-soybean operations within North America. The firm will also acquire 10 percent of the North American soybean and corn business.
Sygenta gains the North American Garst brand of corn and soybeans.
A year ago, Fox Paine acquired 75 percent of Seminis, a Mexican fruit and vegetable seed company, in a $650 million deal.
Fox Paine president Dexter Paine led both seed deals.
Fox Paine was founded in 1997 by Saul Fox, a former Kohlberg Kravis Roberts partner, and Paine, a former partner from Kohlberg & Co., which also was founded by KKR co-founder Jerome Kohlberg.