Americold Realty Trust entered into a definitive agreement to acquire privately held Agro Merchants Group (Agro) for $1.74 billion. Upon closing, Americold’s portfolio will consist of 229 facilities totaling approximately 1.35 billion ft3 of refrigerated space with a global network.

Agro is the fourth largest temperature-controlled warehouse company globally, the third largest in Europe and the fourth largest in the United States. Its portfolio consists of 46 facilities, totaling 236 million ft3 of refrigerated space, located in 10 countries.

Americold expects the acquisition, which is scheduled to occur late in the fourth quarter of 2020 or early in the first quarter of 2021, to expand its strategic footprint into Europe and expand its fresh produce offering. The deal also positions Americold to more effectively serve multinational customers on a global scale and strengthen its existing market position in Australia and South America, says the company.