09:05 AM EDT, 08/09/2024 (MT Newswires) -- Above Food Ingredients ( ABVE ) said Friday it has agreed to acquire Redwood Group's Specialty Crop Food Ingredient Division for $34 million, including $8.1 million in cash and 5.6 million newly issued common shares of Above Food, subject to customary closing conditions.

The Specialty Crop Food Ingredient Division supplies grains, pulses, and specialty crops to over 35 countries, the companies said.

The deal is expected to enhance Above Food's market presence in North America, particularly in the pet food sector, Above Food said.

Above Food shares rose more than 5% in recent Friday premarket activity.

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