Select Harvest poised to announce $150m almond farms acquisition: market sources.

It is understood that the company will launch a $120m equity raising at $5.20 per share to fund the acquisition. Picture: Anne Irwin.

Select Harvest is poised to announce the acquisition of $150m worth of almond farms, according to market sources.

It is understood that the company will launch a $120m equity raising at $5.20 per share to fund the acquisition.

Working on the raise is Bell Potter, Pac Partners and Select Equities.

Advising Select Harvest is Kidder Williams.

The raise is at a 6 per cent discount to Select Harvest’s last traded share price of $5.46.

It is understood that the company is poised to announce the transaction to the market on Friday.

It is understood that the Australian almond farms being purchased are owned by managed investment schemes.

The $538m almond grower Select Harvest announced a $17.4m net profit for the first six months of its financial year.