A joint Chinese-Australian group has reached an agreement to buy Kidman & Co, Australia’s biggest farming estate.
It still needs approval from Australian and Chinese regulatory bodies.
A takeover deal had previously been blocked by Australia’s Foreign Investment Review Board.
The government was concerned that part of the property was inside a military weapons testing range in South Australia.
Kidman has since taken the Anna Creek farm out of the sale.
Dakang Australia is to acquire 80% of the farm, while local partner Australian Rural Capital will take the remaining 20%.
The sale comprises of pastoral leases covering 77,300sq/km – an area bigger than Ireland.
According to a statement released by Kidman, Dakang and Australia Rural Capital, the consortium “is offering Kidman shareholders cash consideration of A$31.38 (£17, $24) per ordinary share.”
“The offer values Kidman at A$370.7 million.”