The businesses comprise of Cinquième Saison Saint-Pol SAS, Cinquième Saison Mâcon SAS, Bakkavör France SAS, Crudi SAS and Sogesol SA.
Completion of the transaction is subject to competition authority clearance, which is expected by the end of the first quarter of 2013.
Agust Gudmundsson, CEO, said: “The sale of our French and Spanish businesses marks an important step in our strategy of reshaping our portfolio to focus on our core fresh prepared markets. The transaction will be beneficial from a leverage perspective and net proceeds will be used to reduce our term loan.”
Source: Bakkavör
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