Newlat Food S.p.A. (BIT:NWL) agreed to acquire Princes Limited from Mitsubishi Corporation (TSE:8058) for £700 million on May 27, 2024. The consideration is on a debt free and cash free basis, of £700 million, of which £650 million to be paid in cash and £50 million to be paid in 9,319,841 Newlat Food shares. Princes Limited generated a consolidated turnover for the Fiscal Year 2024 (ended March 31, 2024) of £1.71 billion, an Adj. EBITDA of £100.54 million and the Adj. Net Profit reached £13.03 million. The EV/EBITDA multiple of the Transaction, based on the actual FY 2024 (March 31st 2024) figures, is 7x or 5.2x, including minimum cost and structure synergies. The intended Transaction will be financed through the Company?s own available cash, the Shareholders? Loan (as defined below) and a ?300 million (£255.021 million) loan to be provided by a pool of leading international banks. The pool, led by Unicredit and BNL BNP Paribas as Global Coordinator and Bookrunner, includes Rabobank, Commerzbank, Banco BPM and BPER. Upon completion of the intended Transaction, Mitsubishi Corporation will become the second largest shareholder of Newlat Food with 21.2% of the economic rights and 15.1% of voting rights. The closing of the Transaction, subject to the obtainment of antitrust clearances by the competent antitrust authorities and the consultation of both the European and the Dutch works council within the Princes group, is expected to take place by the end of July 2024. Unicredit, BNL BNP Paribas and Equita also supported Newlat Food as financial advisors in the context of the Transaction, while BonelliErede and LCA supported as legal advisors to Newlat Food.

Newlat Food S.p.A. (BIT:NWL) completed the acquisition of Princes Limited from Mitsubishi Corporation (TSE:8058) on July 30, 2024. Concurrently, Newlat announced that it will rename itself as ?New Princes Group?, comprising Newlat and its existing subsidiaries along with the addition of Princes. The new Board of Directors will be supported by a UK based Operating Board with a number of new leaders reporting into CEO Simon Harrison. Barry McDonnell and Joe Dent continue their roles as Chief Operations Officer and Chief People Officer, Ian Rooney joins as Chief Supply Chain Officer, Connie Emerson as Chief Strategy Officer along with Neil Bohannon and Ruth Simpson as Chief Procurement Officer and Chief Commercial Officer respectively. The fulfilment of all the conditions precedent provided for in the Agreement to proceed to the closing of the Transaction.