African Agriculture, Inc. (AAGR or the Company), a global food security company operating a commercial-scale alfalfa farm on the African continent to meet the growing demand for agricultural commodities globally, and 10X Capital Venture Acquisition Corp. II (Nasdaq: VCXA; Warrants VCXAW) (10X II), a special purpose acquisition company (SPAC) sponsored by 10X Capital, announced the execution of a definitive Business Combination Agreement. Upon closing of the transaction, which values AAGR at an estimated enterprise value of US$450 million, the combined company is expected to list its shares on the NASDAQ stock market.
Latham & Watkins LLP represents 10X II in the transaction. The deal team was led by London partner David Stewart and Houston partner Ryan Maierson, with Houston associates Om Pandya, Sydney Verner, and Zainab Hashmi, London associates Daria Latysheva, Jason Hyatt and Kathleen McCullough, and Los Angeles corporate counsel Michael Brogan.
Advice was also provided on tax matters by New York partner Jiyeon Lee-Lim, with New York associate Sam Yang; on derivatives matters by New York partner Reza Mojtabaee-Zamani, with New York associates Eric Rice and Shawn Noh; on environmental matters by Los Angeles/Houston counsel Joshua Marnitz, with associate Jacqueline Zhang; on benefits and compensation by New York partner Bradd Williamson and Chicago partner Nineveh Alkhas, with New York associate Megan Alessi and Chicago associate Laura Waller; on intellectual property matters by Bay Area partner Michelle Gross, with Bay Area associate Fiona Gillan and Boston associate Kiara Vaughn; on real estate matters by London partners Quentin Gwyer and Jeremy Trinder, with London associate Danni Davies; and on sanctions matters by Washington, D.C. partner Eric Volkman, with Washington, D.C. associate Matthew Gregory.