Croatia’s Fortenova Group has sold Ledo Plus, Ledo Citluk, Serbian-based Frikom and several of its smaller businesses to the UK company Nomad Foods for 615 mln euros, the Group announced on Monday.
The value of the transaction is EUR 615 million, on a debt-free, cash-free basis, with completion planned for Q3 2021. Upon completion, Nomad Foods will become the owner of Frozen Food Business Group (FFBG) which comprises a leading European frozen food portfolio of iconic local brands with strong consumer awareness in Croatia, Serbia, Bosnia & Herzegovina and several other countries in South-East Europe (SEE). With more than half a century of tradition, the FFBG is the largest producer and distributors of ice cream and frozen foods in its respective markets.
Completion of the transaction is subject to regulatory approvals in the applicable markets as well as Fortenova Group’s shareholders’ approval. Fortenova Group’s Board of Directors, consisting also of representatives of majority shareholders, has unanimously supported the signing of the SPA with Nomad Foods.
Fortenova Group was advised on this transaction by Akin Gump Strauss Hauer & Feld LLP, Bogdanović, Dolički & Partners Law Firm, Citigroup Global Markets Europe AG, Isailović & Partners Law Firm, KPMG Croatia, Marić & Co Law Firm and VTB Bank (Europe) SE.
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