Press release from the Competition Council regarding the economic concentration project concerning the joint control acquisition of ‘ZALAR FARMS SA’ by ‘ZALAR AGRI SARL’, ‘MILAGRI HOLDINGS LLC’, and ‘FERMES AVENIR SARL’ on one hand and ‘UNION FINANCE CORP SA’ on the other hand via the merger-absorption of ‘AFRICULTURE SA’

In accordance with Article 13 of Law No. 104-12 on freedom of prices and competition and Article 10 of Decree No. 2-14-652 issued for its implementation, as amended and supplemented, the Competition Council makes available to the public the ‘operation summary’ below, containing the information provided by the parties.

This information has been prepared by the notifying parties, who are solely responsible. Any inaccurate or distorted information contained therein does not in any way prejudge the Competition Council’s position on the proposed operation.

The publication of this press release does not attest to the completeness of the file provided for in Article 9 of Decree No. 2-14-652 issued for the implementation of Law No. 104-12 on freedom of prices and competition as amended and supplemented.

Names of the companies and groups involved:

• The new acquirer: ‘Union Finance Corp SA’;
• The historical shareholders: ‘Zalar Agri SARL’, ‘Milagri Holdings LLC’, and ‘Fermes Avenir SARL’;
• The target: ‘Zalar Farms SA’.

Nature of the operation:

• Joint control acquisition.

Economic sector concerned:

• Sector of production, packaging, marketing, and export of high-value fresh fruits and vegetables.

Deadline for interested third parties to submit their observations:

• 10 days from the date of publication of this press release, i.e. September 22, 2025.

NON-CONFIDENTIAL SUMMARY OF THE OPERATION PROVIDED BY THE PARTIES

The Competition Council has received notification of an economic concentration operation consisting of the joint control acquisition by the company ‘Union Finance Corp SA’ of the company ‘Zalar Farms SA’ alongside its historical shareholders, ‘Zalar Agri SARL’, ‘Milagri Holdings LLC’, and ‘Fermes Avenir SARL’, through the merger by absorption of the company ‘Africulture SA’ by the company ‘Zalar Farms SA’.

‘ZALAR FARMS SA’ is a Moroccan joint-stock company specializing in the production, packaging, marketing, and export of high-value fresh fruits and vegetables. It is owned by ‘Zalar Agri SARL’, ‘Milagri Holdings LLC’, and ‘Fermes Avenir SARL’. These companies operate exclusively in the agricultural sector through their respective stakes in the company ‘Zalar Farms SA’.

‘Africulture SA’ is a Moroccan joint-stock company, a holding company of several companies active in the high-value fresh fruit sector. It is owned by the investment company ‘Union Finance Corp SA’, a holding company of the ‘Union Finance Corp’ group, which is active in the agricultural sector through its stake in ‘Africulture SA’, as well as in various industrial sectors unrelated to agriculture.

 

Done in Rabat on September 11, 2025