Turners & Growers has agreed to buy Hawke's Bay-based Apollo Apples for as much as $44.1 million as it looks to meet growing global demand.
The Auckland-based fruit marketer, controlled by Germany's BayWa, will pay $36.05 million up front for the apple grower, packer and exporter, and cool store operator, and will pay up to $8 million in the following four years if performance targets are met, it said in a statement.
Apollo founders Bruce and Ross Beaton will stay with the business for at least the next four years.
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