Tendersinfo keep you informed about the latest events in the national and international Procurement Industry. Procurement News provides in-depth coverage of the procurement industry, including contract awards, contract additions, new contract wins, mergers and acquisitions. Tendersinfo through its tender news section provides an update on all domestic and global tendering opportunities, invitation to bid & trade leads.
UNITED KINGDOM : Iceland Foods to be acquired by Malcolm Walker in Ł1.45billion deal
Publish Date : 13-Mar-2012
Discount supermarket chain based in UK Iceland Foods has been acquired by Malcolm Walker, its founder and CEO. The deal which is a mixture of debt and equity is worth Ł1.45bn.
According to the deal, management team of Iceland will together own 43% of the firm, having board as well as operational control. Three new equity co-investors - Dubai-based retailer Landmark Group; South African private equity firm Brait Capital; and DFS Furniture retail chain founder Graham Kirkham will be owning the balance of 57%.
Landsbanki and Glitnir banks would contribute Ł250m towards the deal. Facilitating the acquisition, an Ł860m loan is been provided by Credit Suisse Group, Deutsche Bank, HSBC Holdings, Nomura Holdings and Royal Bank of Scotland.
The former managing director of Iceland Foods, Andy Pritchard, who is about to retire will be selling his 8.2% interest to the consortium, in a deal worth Ł128m.
