Canadian headquartered dairy giant Saputo Inc. has reached an agreement to acquire UK dairy group Dairy Crest Group plc for approximately £975 million.
Dairy Crest a producer of leading British food brands and value-added ingredients. The company manufactures and markets a portfolio of market-leading brands including Cathedral City cheese, Clover dairy spread, Country Life butter and Frylight cooking spray.
Saputo produces, markets and distributes a wide array of dairy products of the utmost quality, including cheese, fluid milk, extended shelf-life milk and cream products, cultured products and dairy ingredients.
Saputo does not currently have any operations in Europe and sees Dairy Crest as an attractive platform for growth in the UK. Saputo believes that its position as a large international dairy processor with a strong financial position would help Dairy Crest accelerate its growth plans, thereby delivering direct benefits for Dairy Crest and its stakeholders, including employees, while retaining and preserving Dairy Crest’s heritage and brands.
Ashurst is advising Lazard & Co., Limited in relation to the £975 million recommended cash offer for Dairy Crest Group plc by Saputo, Inc.
The Ashurst team is being led by corporate partner Karen Davies (picture) assisted by associate Harry Thimont. Global loans partner Tim Rennie, senior associate Briony Holcombe and solicitor Elizabeth Street-Thompson are advising on financing matters.
Lazard is acting as financial adviser to Saputo in relation to the offer.
Law Firms: Ashurst;