Italy's Newlat Food to buy Britain's Princes for 700 million pounds

Newprinces SpA

27/05/2024 07:52

May 27 (Reuters) - Italy's Newlat Food  NWLF.MI  said on
Monday it will buy British food group Princes for 700 million
pounds ($891.9 million) to create the first Milan-based
"unicorn" - or billion-dollar startup - in the food sector.
    The deal, which Newlat expects to complete by the end of
July, includes the sale of 50 million pounds worth of Newlat
shares to Mitsubishi Corporation  8058.T , which owns Princes,
Newlat said in a statement.
    Following completion of the sale, the group will rebrand
itself as New Princes.
    
($1 = 0.7849 pounds)


 (Reporting by Alessandro Parodi, Philippe Leroy Beaulieu,
editing by David Goodman, Kirsten Donovan)
 ((Alessandro.Parodi@thomsonreuters.com;
philippe.leroybeaulieu@thomsonreuters.com))