Nestle has agreed to acquire Brazilian chocolate brand Kopenhagen, local media reported on Wednesday, citing people familiar with the matter.
Website Brazil Journal said Nestle will pay about 3 billion reais ($602.78 million) for the company, while local newspaper Valor Economico reported the figure at 4.5 billion reais ($904.18 million).
The deal comes around three years after U.S. private equity firm Advent International acquired a controlling stake in Grupo CRM, which controls Kopenhagen.
Nestle did not immediately respond to requests for comment. Advent and Kopenhagen declined to comment.
The purchase also includes Brasil Cacau, another chocolate brand owned by the firm. Together both brands have more than 800 stores in Brazil, including franchises.
In June, Brazilian competition regulator Cade approved Nestle’s acquisition of Chocolates Garoto more than 20 years after it was first announced. Among the conditions for the approval, the company agreed not to make any acquisitions that account for at least 5% of the Brazilian chocolate market for five years.
Source: Reuters.com