Nomad Foods To Acquire Findus Switzerland, Certain Intellectual Property For About EUR 110 Mln

(RTTNews) - UK-based frozen foods company Nomad Foods Limited (NOMD) said Monday it has agreed to acquire Findus Switzerland from Froneri International Ltd. and certain intellectual property from an affiliate of Nestle S.A. for aggregate consideration of about 110 million euros on a debt-free, cash-free basis.

Findus is a frozen food brand in Switzerland, with a portfolio of value-added frozen products across categories including fish, vegetables and ready meals.

Nomad Foods expects to fund the purchase price through cash on hand, and the transaction to be completed in the beginning of 2021.

Nomad Foods noted that the acquisition of Findus will expand its geographic reach into Switzerland, a new and sizable market, providing a natural extension for its Findus product offering and brand family with an attractive entry point for Green Cuisine.

This transaction will unify Nomad Foods' ownership of the Findus brand across Europe, where it currently operates under the Findus brand in Italy, France, Spain, Sweden, Norway, Finland and Denmark.

Nomad Foods anticipates multiple sources of value creation, including the opportunity to realize commercial and procurement synergies. The company expects the transaction to be immediately accretive to its adjusted earnings per share.