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October 3, 2019

Spanish watchdog clears Pastas Gallo takeover

The takeover of a major supplier in Spain of pasta, sauces and noodles has been approved by the country's competition watchdog.

By Dean Best

A private-equity takeover of Pastas Gallo, a major supplier in Spain of pasta, sauces and noodles, has been approved by the country’s competition watchdog.

Spain’s National Commission of Markets and Competition (CNMC) has announced the green light for the acquisition of Pastas Gallo by local buy-out house ProA Capital.

The family owners of Pastas Gallo had struck a deal with ProA Capital this summer. Financial terms were not disclosed.

At the time, Spanish business publication Expansión said ProA Capital had seen off interest from two other private-equity firms, TowerBrook Capital Partners and Ventura Equity Partners, as well as another Spanish manufacturer Idilia Foods.

The newspaper also reported ProA Capital would pay EUR200m (US$219m) for Pastas Gallo. Another Spanish newspaper, La Vanguardia, reported the private-equity firm would pay EUR227m.

just-food approached Pastas Gallo representatives and ProA Capital for comment on numerous occasions when the deal was announced but received no comment.

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