New buyer to acquire Noble's US-based ethanol producer for $20.96m

Mercuria Investments beat Zeeland Farm's base price of $16.83m.

Noble Group Limited (NGL) found a new buyer for its ethanol producer Noble Americas South Bend Ethanol (NASBE) in Mercuria Investments US, which gave a price of $20.96m (US$15.5m).

According to an announcement, Mercuria's buying price is US$3m higher than Zeeland Farm Services's $16.83m (US$12.5m).

The new deal between Mercuria and NGL have the same terms as the one with Zeeland save for the deletion of the provision relating to the go-shop period and an increase in the base consideration.

NGL is expected to terminate its deal with Zeeland on 11 December 2017.

Upon the anticipated termination of the Zeeland deal, NGL is required to pay Zeeland a termination fee of $2.7m (US$2m).