Deoleo has signed a binding sale agreement with Acesur and Dcoop covering most of its holding subsidiary. The announced enterprise value applies to the whole subsidiary; the listed company’s proceeds depend on debt and contractual adjustments. Regulatory permissions, shareholder approval and a condition involving Bertolli brand licences remain part of the transaction.
Olive-oil business Deoleo has agreed to sell approximately 91.99 per cent of its subsidiary Deoleo Holding to Acesur and Dcoop. Their offer puts an enterprise value of 520 million euros on the entire holding company. The agreement includes the listed parent’s whole 50.99 per cent stake. Additional shareholders could participate, bringing the sale to 100 per cent.[1], [2]
The payment to Deoleo depends on net financial debt, working capital and other contractual adjustments at completion. The final payment also depends on escrow deductions. An escrow account will cover a tax contingency at Italian business Carapelli Firenze. If all of the holding company is sold, the ceiling for all sellers is 80 million euros, with Deoleo’s maximum approximately 40.8 million euros.[1]
Competition approval is needed in Spain and the United States, along with Italian foreign-investment clearance. Deoleo estimates six to eight months for permissions. Shareholder approval is also required; Ole Investments, owner of 56.96 per cent of Deoleo, has irrevocably committed to support the deal. A further condition requires Japan’s Mizkan group not to formally notify termination of Bertolli brand licences within two months following the ownership change. Operations are expected to continue normally during transition.[1]
