New Delhi, Aug. 17 -- KKR-backed global seeds platform Advanta Enterprises is set to acquire Egypt-based seed company Misr Hytech Seed International for about $110 million (Rs 1,051 crore), as it looks to strengthen its presence in one of the Middle East and Africa's key seed markets.
Advanta Holdings BV, a step-down subsidiary of Advanta Enterprises (the global seeds and sustainable agriculture subsidiary of UPL Ltd), will acquire a 99.98% stake in Misr Hytech Seed International through the purchase of its holding company, Hytech Egypt USA LLC.
The transaction is subject to antitrust approvals from the COMESA Competition and Consumer Commission (CCCC) and the Egyptian Competition Authority (ECA). It is expected to close by January 31, 2027.
Incorporated in 1993, Misr Hytech operates in the agricultural seeds industry. It reported revenue of about $25.7 million in the financial year through March 2025, compared with $37.6 million in FY24 and $34.9 million in FY23.
The deal comes as Advanta expands its global seeds business through a combination of organic growth and acquisitions.
Advanta said the acquisition will give it an immediate leadership position in the white and yellow corn seed market in the Middle East and Africa, while advancing its inorganic expansion strategy by strengthening its presence in a major crop category and providing greater scope to expand its seed portfolio and regional market position.
Advanta has a presence in more than 80 countries and offers hybrid seeds across crops including corn, sorghum, sunflower, canola, rice and vegetables.
KKR first invested $300 million in Advanta in 2022 for a 13.33% stake, valuing the company at $2.25 billion. The investment was part of UPL's corporate restructuring to create distinct business platforms, including Advanta as its global seeds business. In November 2024, global investment firm Alpha Wave Global invested $350 million in Advanta for about a 12.5% stake.
UPL created Advanta as a separate global seeds platform as part of a broader corporate realignment, which was first announced in 2022. The restructuring was aimed at giving individual businesses greater focus and allowing UPL to unlock value from its different operations.
Published by HT Digital Content Services with permission from VC Circle.