Agriculture company Corteva Inc. said Wednesday it has reached an agreement to acquire Stoller Group Inc., an independent biologicals company, for $1.2 billion in cash. The deal is expected to close in the first half of 2023 and to boost Corteva’s operating EBITDA and operating earnings per share in 2023. The deal “reinforces Corteva’s commitment to providing farmers with biological tools that complement evolving farming practices and help them meet changing market expectations,” Corteva said in a statement. Houston-based Stoller helps growers increase productivity and sustainability using crop protection technologies. The biologicals market is expected to grow by high-single-digits annually through 2035 and to represent about 25% of the overall crop protection market by 2035. The deal is the second in the space for Corteva this year after it recently acquired Symborg, a provider of microbiological technologies based in Murcia, Spain. Shares were not active premarket but have gained 39% in the year to date, while the S&P 500 has fallen 17%.
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