King & Spalding advised Americold Realty Trust (NYSE: COLD) as it entered into a definitive agreement to acquire privately held Agro Merchants Group from an investor group led by funds managed by Oaktree Capital Management, L.P. for a purchase price of $1.740 billion. The acquisition is subject to customary and regulatory closing conditions and closing is expected to occur late in the fourth quarter of 2020 or early in the first quarter of 2021.
Americold is the world’s largest publicly traded REIT focused on the ownership, operation, acquisition and development of temperature-controlled warehouses. Based in Atlanta, Georgia, Americold owns and operates 183 temperature-controlled warehouses, with over 1 billion refrigerated cubic feet of storage, in the United States, Australia, New Zealand, Canada, and Argentina as of June 30, 2020. Americold’s facilities are an integral component of the supply chain connecting food producers, processors, distributors and retailers to consumers. Argo is the fourth largest temperature-controlled warehouse company globally, the third largest in Europe, and the fourth largest in the United States. Agro’s portfolio consists of 46 facilities, totaling 236 million refrigerated cubic feet, located in 10 countries and will be a strong complement to Americold’s existing global network.