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Wednesday, 23 January 2019

Lactalis-Halawa acquires 100% of Egyptian cheesemaker Greenland

M&A WATCH- Lactalis-Halawa acquires 100% of Greenland: The domestic partner of French dairy group Lactalis, Lactalis-Halawa Group, has acquired 100% of Americana Group subsidiary Greenland Group, a source with knowledge of the matter confirmed to Enterprise. The transaction, which our source confirms has been executed, valued Greenland at EGP 890 mn, according to Al Mal. Lactalis-Halawa had previously eyed an acquisition of the Arab Dairy Products Company, but was out-bid by Pioneers Holding. Reports had emerged earlier this month that Al Nour for Dairy Industries, a subsidiary of Lactalis-Halawa, was in talks over the transaction. Saudi dairy product manufacturer Almarai had also been looking to acquire Greenland, for as much as USD 75 mn last year, but talks were suspended over a disagreement over Greenland’s value.

Advisers: Al Kamel Law Firm acted as legal adviser to Lactalis-Halawa, while Sharkawy and Sarhan acted as sell-side legal counsel.

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