Spain’s pasta maker Ebro Foods said on Monday it has agreed to sell parts of its Panzani unit to buyout fund CVC in a transaction valued at 550 million euros ($648.01 million).
Ebro Foods said it will sell France-based Panzani’s dry pasta, semolina, couscous and sauces, but will keep the division that makes fresh products and rice.
The company will book a 91 million euro capital gain from the sale. The transaction is expected to be completed by the end of 2021.
The sale is part of Ebro’s strategy to focus on premium and fresh products. The company has offloaded in recent months dry pasta units in Canada and the United States.
Source: Reuters.com