Yara International ASA said Oct. 5 that it agreed to acquire the interest it does not already own in Galvani Indústria Comércio e Serviços SA, including the Serra do Salitre phosphate project in Brazil, from the Galvani family.

The Galvani family is selling its minority holding for US$70 million over a three-year period from closing and will receive a conditional future payment related to project success.

Yara Brazil Executive Vice President Lair Hanzen said, "This deal streamlines our production footprint in Brazil, securing full ownership of key Yara Brazil production assets, complementing its extensive distribution capabilities and achieving a more integrated position in the Brazilian market."