Newlat Food has announced its plan to acquire the entire share capital of Princes Limited, a British food group founded in Liverpool in 1880, currently owned by Mitsubishi Corporation. The acquisition is valued at 700 million pounds, with 650 million to be paid in cash and 50 million in Newlat Food shares. Upon completion, Mitsubishi Corporation will become the second-largest shareholder of Newlat Food.
The transaction will be financed through the company’s available liquidity, shareholder financing, and a 300-million-euro loan from a consortium of international banks. The consortium will be led by Unicredit and BNL BNP Paribas as Global Coordinators and Bookrunners, also including Rabobank, Commerzbank, Banco BPM, and BPER. The transaction’s closing is subject to antitrust approvals and consultation with the European and Dutch works councils within the Princes group, and is expected by the end of July 2024.
With the acquisition of Princes Limited, Newlat Food will achieve a consolidated turnover of approximately 3 billion euros, becoming the largest food company listed on Euronext Milan. Upon completion, Newlat Food will rebrand as New Princes Group.