Iglo sale cancelled due to cold reception | RetailDetail

Iglo sale cancelled due to cold reception

Iglo sale cancelled due to cold reception

The takeover of frozen food manufacturer Iglo, up for sale since March, has been cancelled. Investment fund Permira has decided to hold on to Iglo itself, but awards itself a compensation of 500 million euro. What should have been one of the biggest takeovers this year, has ended in failure.

Takeover bid declined

The cancellation of the takeover of Europe's biggest frozen food label is due to a low bid: investors Blackstone and BC Partners have made a deal to avoid entering a bidding war and together they offered 2.5 billion euro, much lower than the amount of 2.8 billion euro its owner Permira had counted on.

 

Instead of selling, the private investment fund decided to ask for a refinancing of Iglo's debt and to enter negotiations with Credit Suisse and Deutsche Bank for a value of about 1.9 billion euro, to cover Iglo's net debt of 1.4 billion euro. Permira will keep the difference of 500 million euro for itself as a compensation for the failed transaction and the promise that it will remain the owner of Iglo for another two to three years.
 

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