AVELLUM acted as the legal counsel to its longstanding client Kernel Holding S.A. (“Kernel”) on the sale of several of its farming entities to a company controlled by Mr. Andrii Verevskyi. The land bank held by the entities comprises around 134 thousand hectares of farmland and related farming infrastructure. The consideration to be paid to Kernel is USD210 million.
The aim of the transaction is to de-risk the business and improve the mid-term liquidity of Kernel amid a blockade of Ukrainian Black Sea ports caused by Russia’s unprovoked military aggression against Ukraine.
AVELLUM provided full legal support to the client in negotiating and drafting the transaction documents.
Kernel is the world’s leading and Ukraine’s largest producer and exporter of sunflower oil.
Mr. Andrii Verevskyi controls Kernel’s largest shareholder and is also the chairman of Kernel’s Board of Directors.
AVELLUM team was led by partner Yuriy Nechayev with support from associate Maryna Buinytska.