(Reuters) - Agricultural goods supplier PGG Wrightson <PGW.NZ> said on Monday it had agreed to sell its seeds business to Denmark's DLF Seeds A/S for NZ$421 million ($283.5 million) following a strategic review.
DLF Seeds will assume or repay PGW Seeds' net debt outstanding as at 30 June 2018 of about NZ$18 million, PGG said in a statement.
The company said that it would continue to work with PGG Wrightson Seeds under common branding in New Zealand.
It added that it was mulling a non-taxable distribution of available subscribed capital to shareholders of up to NZ$292 million, pending the results of an ongoing review.
PGG said the sale agreement was subject to shareholder and regulatory approval.
($1 = 1.4850 New Zealand dollars)
(Reporting by Ambar Warrick in Bengaluru; Editing by Peter Graff and Robin Pomeroy)
