UPL Buys DVA Agro Brazil

Indian agrochemical company United Phosphorous (UPL) has acquired a 51% stake in DVA Agro do Brasil from DVA Group and other shareholders. The deal consists of a $150m cash component and the secondary purchase of shares from existing shareholders, though the target had revenues of $130m for the year ended December 31, 2010. UPL says the deal represents its second entry into the Brazilian crop protection market.