Spanish food group Ebro Puleva has reached an agreement to sell its Spanish dairy business, Puleva Food, to Lactalis for EUR630m (US$860m).
According to the company, the tentative agreement is dependent on financial audits and competition approval.
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The deal would see Lactalis take control of the Ram and Castillo brands, as well as the umbrella Puleva brand.
Lactalis said that the move would “strengthen” its position in the Spanish market. Lactalis added that the “complimentary” nature of production facilities will help consolidate all group brands in the market.
A spokesperson for Ebro said that the company would now focus on “developing the business activity” of its pasta and rice units.
While the spokesperson declined to comment on what the proceeds of the transation would be used for, Ebro has previously confirmed its interest in acquiring the rice division of SOS Corporacion Alimentaria.
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