Spain's Ebro Foods sells Panzani businesses to CVC in a $648 mln deal
26/07/2021 07:09
MADRID, July 26 (Reuters) - Spain's pasta maker Ebro Foods
EBRO.MC said on Monday it has agreed to sell parts of its
Panzani unit to buyout fund CVC in a transaction valued at 550
million euros ($648.01 million).
Ebro Foods said it will sell France-based Panzani's dry
pasta, semolina, couscous and sauces, but will keep the division
that makes fresh products and rice.
The company will book a 91 million euro capital gain from
the sale. The transaction is expected to be completed by the end
of 2021.
The sale is part of Ebro's strategy to focus on premium and
fresh products. The company has offloaded in recent months dry
pasta units in Canada and the United States.
($1 = 0.8488 euros)
(Reporting by Inti Landauro, editing by Louise Heavens)
((Inti.Landauro@thomsonreuters.com;))