Key Takeaways
- Above Food has signed a Letter of Intent (LOI) to acquire Palm Global Technologies Ltd. for approximately $180 million.
- The acquisition expands Above Food’s reach into Agri-Tech, FinTech, and carbon credit securitization.
- Palm Global’s AI, blockchain, and decentralized finance (DeFi) technologies support millions of farmers in underserved markets.
- The deal strengthens Above Food’s research and development capabilities in agronomy and genomics.
- Peter Knez will assume the role of Chairman and CEO of the combined companies upon completion of the acquisition.
Above Food Announces Acquisition of Palm Global
Above Food Ingredients Inc. (NASDAQ: ABVE) (NASDAQ: ABVE.W), a leader in sustainable, vertically integrated food systems, has signed a Letter of Intent (LOI) to acquire Palm Global Technologies Ltd. (“Palm Global”). The acquisition, valued at approximately $180 million, is expected to enhance Above Food’s capabilities in Agri-Tech, FinTech, and carbon credit securitization.
Palm Global is recognized for its innovative technology solutions that drive economic empowerment and sustainability in global food markets. The acquisition will combine Above Food’s vertically integrated systems with Palm Global’s technology platforms to address food security challenges and economic development at scale.
Strengthening Global Food Security Through Innovation
Palm Global develops AI, blockchain, and DeFi-based solutions that empower farmers across Africa, Southeast Asia, and the Americas. The company partners with governments, NGOs, and global institutions to accelerate adoption and ensure inclusive financial access for millions of farmers.
Key partnerships include:
- Peace for Life Foundation
- Dicastero par la Cultura e l’Educazione (part of the Holy See)
- IIMSAM (United Nations-affiliated institution targeting malnutrition)
- Alpha MBM Investment LLC and Promax United Investment LLC
- Pro-Natura International
These partnerships will aid Palm Global’s expansion across Africa, Latin America (Mexico, Brazil), and Southeast Asia (Indonesia), reinforcing its role in sustainable agriculture and economic inclusion.
Leveraging Technology and Land Resources
Palm Global’s technology team has developed solutions that scale global payment apps, with experience managing platforms exceeding one billion active users. The acquisition enables Above Food to leverage Palm Global’s partnerships, integrating advanced agronomic and genomic research with access to vast agricultural lands.
The enlarged company will focus on:
- Regenerative agriculture initiatives
- Grow-to-order food solutions
- Market-responsive sustainability strategies
These efforts align with Above Food’s mission to create adaptable, resilient food systems that respond to evolving agricultural and consumer needs.
Leadership and Strategic Direction
Following the acquisition, Palm Global’s leadership will integrate into Above Food’s corporate structure:
- Peter Knez will become Chairman and CEO of the combined company.
- Lionel Kambeitz will continue as Executive Director.
- Jason Zhao will retain his role as CFO.
Palm Global’s Board of Directors includes high-profile leaders such as:
- Peter Knez (Former Co-Chief Investment Officer of BlackRock)
- His Highness Sheikh Mohammed Bin Maktoum Bin Juma Al Maktoum (Dubai Royal Family)
- Her Excellency Yenny Wahid (Director of The Wahid Institute)
- Muayad Kafesha (Deputy Secretary General of IIMSAM)
These leaders bring extensive expertise in finance, technology, and sustainability, reinforcing the strategic direction of the combined entity.
Market Expansion and Next Steps
The LOI outlines a share exchange agreement with definitive contracts expected to be finalized by February 2025.
Lionel Kambeitz, Founder and CEO of Above Food, emphasized the transformative potential of the acquisition: “Palm Global’s innovative technologies, combined with its mission to drive economic empowerment, align perfectly with our vision for sustainable food solutions worldwide.”
Peter Knez, Chairman and CEO of Palm Global, added: “Palm Global’s AI, blockchain, and DeFi solutions are designed to support underserved communities while strengthening global food security. Our partnership with Above Food positions us to lead in a market worth hundreds of billions annually.”
