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Name | Symbol | Market | Type |
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Barclays PLC | NYSE:BCS | NYSE | Depository Receipt |
Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
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0.00 | 0.00% | 10.39 | 0 | 01:00:00 |
LONDON—Nomad Foods Ltd. on Thursday confirmed it is buying the continental European operations of frozen-food maker Findus Group for £ 500 million ($780.7 million) in cash and shares.
Nomad, founded by entrepreneurs Martin E. Franklin and Noam Gottesman, said it had entered into an option agreement to buy Findus Sverige AB and its subsidiaries from the company's backers, which including Highbridge Principal Strategies, Lion Capital LLP and Sankaty Advisors.
The deal includes Findus businesses in Sweden, Norway, Finland, Denmark, France, Spain and Belgium. These operations include the intellectual property and commercialization rights to the Findus, Lutosa, and La Cocinera brands in the respective markets.
The remaining part of Findus, including Young's Seafood Limited in the U.K., will remain under the ownership of the seller, Nomad said.
The Wall Street Journal reported on Wednesday that Nomad was close to a deal, citing people familiar with the matter.
Mr. Franklin said the deal would allow Nomad to grow its frozen foods business, while simultaneously pursuing other acquisitions, both in Europe and the U.S. "There are places in frozen food where we think we can find growth," he said.
"At the same time, we are keeping our eye on opportunities in the U.S.," Mr. Franklin added.
UBS Investment Bank and Credit Suisse acted as financial advisers and Greenberg Traurig acted as legal adviser to Nomad on the transaction. To finance the deal, Nomad intends to use its existing cash and seek further debt funding from UBS, Credit Suisse and Barclays.
Centerview Partners acted as exclusive financial adviser and Latham & Watkins acted as legal advisers to the seller.
Write to Ian Walker at ian.walker@wsj.com and Shayndi Raice at shayndi.raice@wsj.com
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