Bunge (BG) announced it will merge with privately held Viterra in an $18 billion deal that will create an agribusiness powerhouse worth an estimated $34 billion.

Bunge, the world’s largest oilseed processor, said Viterra shareholders will receive about 65.6 million Bunge shares worth a total of about $6.2 billion and $2 billion in cash. In addition, Bunge will assume Viterra’s $9.8 billion in debt. Upon completion of the transaction, which is expected in mid-2024, Viterra investors would hold a 30% stake in the combined company. However, Bunge is also planning $2 billion share buybackand once that’s over, Viterra shareholders will control 33% of the firm.

Viterra operates a network of grain elevators, specialty crop facilities and port terminals across Canada and parts of the U.S. Bunge CEO Greg Heckman explained that the merger “significantly accelerates Bunge’s strategy, building on our core intent of connecting farmers to consumers.”

Heckman will lead the new firm, with Viterra CEO David Mattiske and Bunge CFO John Neppl becoming chief operating officers.

Bunge shares rose 2% on Tuesday morning following the news.