Deoleo board approves CVC bid

The GP will now enter exclusive negotiations regarding the acquisition of a 29.99% stake in the company. This includes the 20% stake held by Bankia and BNM and a further 9.99% stake, which will be bought via a capital increase.

The company will pursue a refinancing after the acquisition, including the establishment of a new financing package with an average maturity of seven years. Current debt is understood to stand at €473m.

CVC emerged as the favoured bidder for the asset earlier this week, having made the strongest offer. The company was put up for sale by Spanish banks in July last year, with JP Morgan running the sale process. The asset attracted the attention of several private equity firms, including Italy's state-supported Fondo Strategico Italiano.

The sale took a political turn when Italy's new prime minister Matteo Renzi expressed his support for Fondo Strategico's bid for the firm, which includes Italian brands Bertolli, Carapelli and Sasso.

The deal had caught the eye of Spanish politicians too, after it was suggested that the government take a stake in the company to avoid its break-up.

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• Topics
• Southern Europe
• Deals
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• CVC Capital Partners