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NETHERLANDS - Permira-backed Provimi divests fish feed business

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Permira -backed animal nutrition group Provimi SA has sold the majority of its fish feed activities to Biomar , a Danish supplier of fish feed. Biomar is taking over the fish feed activities in Chile, Denmark and Spain, which represent about 90% of Provimi's fish feed business or close to 10% of the annual consolidated sales. The divestment in Chile includes the sale of a 50% share in the joint venture with AquaChile, which is subject to first right of refusal. The transaction is subject to approval from the antitrust authorities.

The transaction will allow Provimi to better focus on its core animal nutrition and pet food businesses. Permira bought a 74.05% shareholding in the business via a secondary buyout from previous backers CVC Capital Partners and PAI partners earlier this year. Permira then made an offer of EUR 34 per share in a bid to acquire the 95% ownership threshold it needs to delist Provimi, but the company remains listed on Euronext Paris.
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