Cooke’s $1.01bn acquisition deal with Tassal Group was the food industry’s biggest cross border deal of Q3 2022 as cross border deals worth $3.2bn were announced globally in the quarter, according to GlobalData’s deals database.

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The value marked a decrease of 25.6% over the previous quarter and a drop of 21.03% when compared with the last four-quarter average of $4.09bn.

In terms of number of cross border deals, the sector saw a drop of 23.24% with 71 deals in Q3 2022 against the average of 92.50 deals in the last four-quarters.

In value terms, Europe led the activity with cross border deals worth $1.62bn.

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By GlobalData

food industry cross border deals in Q3 2022: Top deals

The top five food industry cross border deals accounted for 83.3% of the overall value during Q3 2022.

The combined value of the top five cross border deals stood at $2.69bn, against the overall value of $3.2bn recorded for the quarter.

The top five food industry cross border deals of Q3 2022 tracked by GlobalData were:

1) Cooke’s $1.01bn acquisition deal with Tassal Group

2) The $950m private equity of TreeHouse Foods by Investindustrial

3) PAG Asia Capital’s $472m private equity deal with Patties Foods and Vesco Foods

4) The $150m venture financing of Emergy Food by Canada Pension Plan Investment Board, Cultivate Next, Grosvenor Food & AgTech, Revolution Growth and Wellington ManagementLLP

5) Kerry Group’s $107.5m asset transaction deal with The Kraft Heinz