Italy's Newlat Food buys UK's Princes for £700m, adding Flora oil, tinned fish, and Napolina sauces to its product line.
Italy's Newlat Food buys UK's Princes for £700m, adding Flora oil, tinned fish, and Napolina sauces to its product line. The deal includes £650m in cash and £50m from Newlat Group shares. Mitsubishi Corp becomes second-largest shareholder with 15% voting rights. The new company, New Princes, aims for a €3bn turnover and a net debt to EBITDA ratio of 1 by 2026. Deal expected to complete by end of July.
May 27, 2024
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