Brief: Ebro Foods To Sell Panzani's Dry Pasta, Semolina, Couscous And Sauces Business With 91 Mln Euros Gain

Ebro Foods SA

26/07/2021 06:32

July 26 (Reuters) - Ebro Foods SA  EBRO.MC :
    * SAID ON MONDAY HAS RECEIVED A BINDING OFFER FROM CVC
CAPITAL
PARTNERS VIII AND ENTERED INTO EXCLUSIVITY FOR THE SALE OF ITS
PANZANI DRY PASTA, SEMOLINA, COUSCOUS AND SAUCES BUSINESS
    * TRANSACTION WOULD BE MADE THROUGH THE SALE OF 100% OF THE
SHARE
CAPITAL OF PANZANI SAS
    * PANZANI HAS OTHER BUSINESSES THAT CO DOES NOT PLAN TO
DIVEST
(FRESH PASTA AND RICE) AND THOSE BUSINESSES WOULD BE CARVED-OUT
PRIOR TO THE SALE CONCLUSION AND REMAIN WITHIN EBRO GROUP
    * DIVESTMENT WOULD GENERATE A GROSS GAIN OF AROUND 91
MILLION
EUROS FOR THE GROUP
    * FOR THE PURPOSE OF THE TRANSACTION, THE BUSINESS HAS BEEN
VALUED
AT 550 MILLION EUROS
    * BUSINESS SUBJECT OF THE TRANSACTION INCLUDES BRANDS
PANZANI,
FERRERO, REGIA, ZAKIA AND LE RENARD ALSO PLANTS OF VITROLLES, LA
MONTRE AND NANTERRE AND THE MILLS OF GENNEVILLIERS, ST. JUST AND
“LITTORAL”
    * IF APPROVED BY CO'S GENERAL SHAREHOLDERS MEETING THE
TRANSACTION
IS EXPECTED TO BE COMPLETED BEFORE 31 DECEMBER 2021
    * TRANSACTION WOULD ALLOW CO TO CONTINUE TO CONCENTRATE ITS
RESOURCES IN PROMOTING ITS PREMIUM, FRESH AND CONVENIENCE
BUSINESS

    
    
 Source text for Eikon:  urn:newsml:reuters.com:*:nCNMNVSmR
    
 Further company coverage:  EBRO.MC  
   


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