AVELLUM advised its longstanding client Kernel Holding S.A. (“Kernel”) on the
acquisition of 100% of shares in a farming business that manages over
170,000 tons of grain storage capacity and over 27,500 hectares of leasehold
farmland by one of its subsidiaries. Total consideration of the deal amounted
to USD43.3 million and was paid in cash.

The Antimonopoly Committee of Ukraine approved the acquisition in May 2017.

Recently, we have advised Kernel on the acquisition of 100% of shares in a large-scale
farming business managing over 190,000 hectares of leasehold farmland and
approximately 200,000 tons of grain storage capacity.

Earlier this year AVELLUM advised Kernel on its debut USD500 million eurobond issue,
which was the first successful corporate eurobond offering from Ukraine since

Kernel is the largest Ukraine-based diversified agribusiness company in the Black Sea
region with a share listing on the Warsaw Stock Exchange. It is also a leading
exporter of, among other products, sunflower oil and grains.

The AVELLUM team was led by counsel, Yuriy Nechayev, with support from fellow
associates Andriy Romanchuk, Andriy Gumenchuk and Dmytro Symbiryov, under the
general supervision of managing partner, Mykola Stetsenko.

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