Denver ag-land company gets bigger with acquisition

DENVER BUSINESS JOURNAL - Farmland Partners Inc. of Denver is getting bigger with its acquisition of a New York City-based agricultural land company.

Farmland (NYSE: FPI) said it's acquiring American Farmland Company (NYSE: AFCO) in an all-stock deal worth about $27 million.

The deal will create the largest public farmland REIT in the nation consisting of more than 133,000 acres across 16 states.

After the deal is complete, "FPI expects to consolidate AFCO's operations into FPI's existing Denver-based headquarters and to realize significant cost synergies through eliminating duplicate administrative and other public company costs," the companies said.

"FPI's acquisition of these great assets assembled by AFCO will strengthen FPI's role as the leading public farmland real estate platform in the U.S.," said Paul Pittman, Farmland chairman and CEO, in a statement.

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