By Katherine Hamilton

Mission Produce has agreed to acquire Calavo Growers, combining two of the most prominent publicly traded avocado producers.

Calavo stockholders will receive $27 a share as part of the deal, comprising $14.85 in cash and about 0.98 of a share of Mission's stock for each Calavo share, the companies said Wednesday.

The terms value the deal at about $483.3 million, based on Calavo having about 17.9 million shares, according to FactSet.

Once the deal closes, Mission shareholders are expected to own about 80.3% of the combined company and Calavo shareholders are expected to own the remaining 19.7%.

The boards of both companies have approved the transaction and it is expected to close by the end of August.

The deal comes after Calavo said in June it had received an unsolicited proposal to acquire the company for $32 a share. It didn't disclose who made the offer.

In December, the company said it had formed a special transactions committee to consider the proposal. It also hired outside financial and legal advisors.

Mission Chief Executive John Pawlowski is set to serve as chief executive of the combined company. Calavo's long-time head Lee Cole stepped down in December and was set to be succeeded by former Chief Financial Officer John Lindeman.

Mission's former chief executive, Steve Barnard, will become executive chair of Mission and the combined company.

Write to Katherine Hamilton at katherine.hamilton@wsj.com

(END) Dow Jones Newswires

January 14, 2026 16:38 ET (21:38 GMT)

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