French food giant Groupe Danone has entered into an agreement for the sale of its Galbani operations to private equity fund BC Partners for €1.015bn (US$878.5m).
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With a turnover of €1.1bn, Galbani is the leader of the Italian cheese market and a major player in the cured meat market.
The transaction structure includes a vendor loan by Groupe Danone for €207m.
Taking into account the depreciation of Galbani’s goodwill accounted for in 2001, this move will not generate any capital loss in 2002. The transaction is however still subject to European antitrust authorities’ approval.
This further step in Groupe Danone’s refocus on its core businesses will enable the continued development of Galbani on its cheese and cured meat markets in Italy and abroad.
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By GlobalDataThis withdrawal will significantly improve the Group’s key financial indicators: organic growth in turnover, operating margins and return on invested capital. This transaction is EPS neutral.
