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The planned deal is based on a 675 million euro ($748 million) enterprise value for InVivo Retail, they said.
The business would become a fully-owned subsidiary of 2MX Organic while InVivo would become the majority shareholder of 2MX Organic through the issue of new shares, the companies said in a statement.
The partners, who expect to complete the transaction during the second half of the year, aim to develop InVivo’s existing network of gardening, pet care and grocery stores into a leading brand of sustainable retail in France and in Europe, they said.
The potential tie-up marks another step in Chief Executive Thiery Blandiniere’s overhaul of InVivo, a grouping of French farmer-owned cooperatives.
InVivo last year acquired French rival Soufflet in deal worth 2.2 billion euros, boosting its grain trading capacity and adding a large malt-making business.
2MX Organic, which is also backed by entrepreneur Moez-Alexandre Zouari and banker Matthieu Pigasse, had been hunting for a merger deal since its stock market listing in late 2020.
($1 = 0.9021 euros)
