The heirs of Ben Hill Griffin Jr have sold off their shares in the market leading Florida based citrus company. The seller is Alico and two New York based agricultural companies are spending nearly USD137.8 million for the share sale.

The sale though does not include the 131,000 acres of Florida land spread across five Florida counties currently being farmed for citrus groves and sugar cane and utilized for cattle ranching. 

The deal was announced last Friday and would result in major changes in the company, such as JD Alexander being replaced as Alico CEO. The deal also would see 734 Agriculture entering into a partnership with Arlon Group for the purchase of 51% of the outstanding voting stock owned by the Atlantic Blue Group. The price per share is at USD37. To replace Alexader would be Clay Wilson.

According to Wilson, "We believe that Alico provides a solid platform on which we can continue to build a thriving agribusiness operation. Atlantic Blue Group's announced plan to sell its stake in the company presented a unique and compelling opportunity to make a significant investment in one of Florida's leading citrus producers and landowners."