Hortifrut sells 75% stake in subsidiary HFE Berries Perú

Cuatrecasas has advised Hortifrut on selling a 75% stake in its subsidiary HFE Berries Perú S.A.C. to a subsidiary of the Canadian corporation Public Sector Pension Investment Board (PSP Investments) The transaction implies an equity value for 100% of HFE Berries Perú of USD 117.3 million.

This transaction enables Hortifrut to continue forward with its growth strategy and expansion agreements. Selling a 75% stake in HFE Berries, one of the world’s leading blueberry producers, required complex negotiations with the participation of law firms from Peru, Canada and the United States.

In relation to this transaction, Óscar Trelles, coordinating partner of the Cuatrecasas M&A Practice in Lima, stated that “Ten years ago Peru did not grow blueberries and now it is one of the leading producers in the world, which is creating many opportunities for large investors. This deal is an example of how important it is to continue to develop pioneering agricultural products in Peru.”

The team advising on this transaction was led by Cuatrecasas lawyers Oscar Trelles, Kiomi Osorio, and Alonso Benavides.