PARIS, Feb. 27, 2002 (PRIMEZONE) -- Groupe DANONE (NYSE:DA) has entered into an agreement for the sale of its Galbani operations to private equity fund BC Partners for Euros 1,015 million.
With a turnover of Euros 1.1 billion, Galbani is the leader of the Italian cheese market and a major player in the cured meat market.
The transaction structure includes a vendor loan by Groupe DANONE for Euros 207 million.
Taking into account the depreciation of Galbani's goodwill accounted for in 2001, this transaction will not generate any capital loss in 2002.
This further step in Groupe DANONE's refocus on its core businesses will enable the continued development of Galbani on its cheese and cured meat markets in Italy and abroad.
This withdrawal will significantly improve the Group's key financial indicators : organic growth in turnover, operating margins and return on invested capital. This transaction is EPS neutral.
This transaction is subject to European antitrust authorities approval.