Nutrien to buy Australian company Ruralco for roughly $442 million

Nutrien Ltd. has signed deal to buy Australian company Ruralco Holdings Ltd. for roughly $442 million.

Ruralco provides a wide range of services for Australian farmers.

Under the deal, Nutrien has agreed to pay $4.40 Australian dollars per Ruralco share for a total of about $469 million Australian dollars.

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The Canadian company said Ruralco will add to its Landmark subsidiary in Australia.

The deal requires shareholder and regulatory approval from the Australia Competition and Consumer Commission and the Australian Foreign Investment Review Board.

WATCH BELOW: Nutrien CEO explains decision to move 2 executives to Saskatoon in 2019

1:21 Nutrien CEO explains decision to move 2 executives to Saskatoon in 2019

Nutrien chief executive Chuck Magro said deal is expected to be immediately accretive.

“The combination of our Landmark operations with Ruralco in Australia is expected to provide significant benefits for all stakeholders including delivering excellent value for both Ruralco and Nutrien shareholders,” Magro said in a statement.