US: UNIVEG buys Chiquita unit
Chiquita Brands International has completed the sale of Atlanta AG to UNIVEG Fruit and Vegetables, a Belgium-based fruit distributor.
UNIVEG paid EUR65m (US$92m) for the Chiquita unit, including adjustments for working capital and debt.
The transaction also covers a long-term strategic agreement that will see Atlanta AG continue as Chiquita's preferred supplier of banana ripening and distribution in Germany, Austria and Denmark.
Chiquita said it expects a one-time tax benefit from the deal and it will use the proceeds to pay down debt.
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