Italian dairy giant Parmalat has completed the acquisition of the dairy division of BRF, one of Brazil’s top companies in the food sector.
The transaction, originally announced in December 2014, was carried out through the acquisition by the subsidiary Lactalis do Brasil of the entire share capital of Elebat, a company to which BRF conveyed all of its dairy business assets, comprised of 11 production facilities in Brazil and several brands, including Batavo, Elegé, Cotochés, Santa Rosa and DoBon.
The pro-forma revenues of BRF’s dairy division amounted to approximately BRL 2.7 billion (approximately €865 million) in 2014 (BRL 2.6 billion in 2013).
The price, agreed by the parties in the amount of approximately $700 million, was paid in full and will be subject to adjustments based on the level of Elebat’s debt and working capital on the closing date.
This acquisition has been financed with internal resources and through the partial utilisation of a medium-/long-term financing facility.
© 2015 European Supermarket Magazine – your source for the latest retail news. Article by Branislav Pekic.
