Also included in the transaction are licence rights to certain intellectual property used in the Australian Bakery business in the Asia-Pacific region.
The total amount of consideration payable in connection with the transaction is $85m based on recent exchange rates), subject to adjustment. The transaction is expected to close in the first half of calendar year 2013, and is subject to customary closing conditions and regulatory clearance.
Hillshire Brands’ Australian Bakery business has approximately 500 employees and one primary manufacturing facility in Australia. The business produces and sells a variety of bakery and other food products to retail and foodservice customers in Australia and other parts of the Pacific Rim under brands including the Sara Lee brand name.
Source: The Hillshire Brands Company
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