Greenyard Foods, UNIVEG and Peatinvest Reach Merger Agreement

Greenyard Foods, UNIVEG and Peatinvest Reach Merger Agreement



SINT-KATELIJNE-WAVER, BELGIUM - A final agreement has been reached regarding the merger of Greenyard Foods, UNIVEG, and Peatinvest. The three companies combined will have over €3.7 billion ($4.2 billion) in sales, creating one of the world's largest produce companies. 

The Board of Directors of Greenyard Foods believes this merger will create a global player in produce capable of offering a full range of fresh, frozen, and canned products.

Upon completion of the merger, Greenyard Foods, the new parent company of the merger, will own 100% of the shares of UNIVEG and Peatinvest. In return, 25.5 million new shares of Greenyard Foods will be issued to the shareholders of UNIVEG and Peatinvest, according to a press release. Following the merger, the percentages of shares for each company will be: 42.5% for existing Greenyard Foods shareholders, 49.6% for existing UNIVEG shareholders and 7.9% for existing Peatinvest shareholders, for a total amount of shares of 44.4 million.

The transaction is still subject to regulatory approvals, EU Commission competition clearance, and approval by Greenyard Foods' shareholders. UNIVEG expects to complete the merger in the summer of 2015.

A press release also stipulates that in order to increase the limited free float after the combination, a private placement of part of the shares held by Gimv-XL and Deprez Holding is being contemplated. Deprez Holding, controlled by Hein and Veerle Deprez, remains the strategic reference shareholder for the company’s long term plans. Other key shareholders will also keep and/or strengthen their holding in the combined company to create a stable platform for continued expansion. The corporate governance structure will be streamlined and existing shareholders’ agreements will be terminated.

Univeg

Greenyard Foods

Peatinvest



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