FrieslandCampina to acquire Pakistan’s Engro Foods
De Brauw has advised FrieslandCampina on signing a share purchase agreement with Engro Corporation to acquire 51 per cent of the shares in its subsidiary Engro Foods Limited, in partnership with the World Bank Group’s International Finance Corporation (IFC) and the Dutch development bank FMO. The estimated total cost for the 51 per cent stake is 420 million euro, depending on final settlement.
The acquisition of Engro Foods, which is the second largest dairy company in Pakistan, enables FrieslandCampina to obtain a key position in Central Asia. Pakistan is the third largest milk producing country in the world with an annual production of 38 billion litres of milk.
Ton Schutte (lead partner), Sjoerd van Elferen, Gertjan Harryvan, Edward Weston, Okke Suurenbroek, Klaas Versteeg, Jean-Marc Rovers, Linda Dudink