Archer Daniels Midland Company announced that it has sold its 23% interest in Gruma, S.A.B. de C.V. and its equity investments in related joint ventures for $450M plus an additional contingent payment of up to $60M. Under the terms of the sale, ADM received $450M up front and will also receive up to $60Mn future contingent payments over the next 42 months. The contingent payments are triggered based upon various conditions, including: the increase in Gruma’s stock market price, over the closing price of Gruma’s stock determined for purposes of the transaction, at the end of the 42 month period; the difference between the price of Gruma’s stock fixed for public offers made by Gruma and the closing price; the acquisition, by any strategic investor of Gruma, of 15% or more of Gruma’s capital stock; or the percentage of Gruma’s shares that are considered to be held by the public at any time. Bank of America Merrill Lynch was the financial adviser to ADM in the transaction.