Herbert Smith Freehills has advised the founding shareholders on their sale of Emerald Agribusiness Group Pty Ltd and its 50% stake in Emerald Grain to their Japanese joint venture partner Sumitomo Corporation.

Prior to the transaction, the Sumitomo Corporation held a 50% interest in Emerald Grain. Post-sale, Emerald Grain has become a wholly owned subsidiary of the Sumitomo Corporation.

The deal completed on Thursday 6 February, and was led by Herbert Smith Freehills partner Richard Loveridge and Executive Counsel Annie Mould, and supported by Anton Bobenko and Tim Monahan.  The Emerald Agribusiness Group shareholders were also advised by Lazard.

Richard Loveridge said: “Herbert Smith Freehills has significant experience advising on M&A deals in the agribusiness sector and we were pleased to draw on this experience to assist Emerald Agribusiness Group shareholders with this important transaction.”

The Emerald grain accumulation, storage and handling business was established in 2004. Herbert Smith Freehills acted for Emerald in its acquisition of Australian Bulk Alliance from Sumitomo Corporation in 2012.

Under the founding shareholders’ stewardship, then through the joint ownership phase with Sumitomo Corporation, Emerald Grain has experienced significant growth and expansion to see the business compete with the large domestic and international players in the grain handling industry. Now under full Sumitomo Corporation ownership and with its financial backing, the founding shareholders expect to see the business continue its expansion and success.