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Nomad Foods To Buy Fortenova Group's Frozen Food Business Group For EUR 615 Mln - Quick Facts

Nomad Foods Ltd. (NOMD) announced Monday that it has entered into an agreement to acquire Fortenova Group's Frozen Food Business Group (FFBG) for aggregate consideration of approximately 615 million euros on a debt-free, cash free basis.

FFBG is a leading European frozen food portfolio operating in attractive markets new to Nomad, including Croatia, Serbia and Bosnia & Herzegovina, Hungary, Slovenia, Kosovo, North Macedonia and Montenegro. Its two anchor brands are Ledo and Frikom.

Management intends to update guidance on the combined entities for the current year upon closing of the transaction, which is expected to be completed during the third quarter of 2021 subject to approval of a majority of the depositary receipt holders of the ultimate parent of the seller and satisfactions of other certain closing conditions.

The purchase price is expected to be funded through cash on hand and debt. The transaction has been unanimously approved by the board of directors of the seller which consists of representatives of more than a majority of the depositary receipt holders of the ultimate parent of the seller.

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