Australian Agricultural Co. (AAC), Australia’s largest cattle producer, has sold five of its 26 cattle properties for AU$250 million (US$170 million). News reports say the deal with Primary Holdings International (PHI) would allow the AAC to reduce current debt and also create a joint venture with the new owners to manage the cattle.

Stephen Toms, AAC CEO, says: “A number of interested parties have been knocking on our door and, in the end, the decision was made on PHI on the basis of value for Australia Agricultural Holding shareholders access to the funding and the ongoing arrangements that this relationship will bring.”