idn33slot| Italy's Neurat Foods announced £ 700 million acquisition of British Prince Foods

Italian food company Newlat Food announced on Mondayidn33slot, will spend 700 million pounds (about 80 million pounds)idn33slotUS$.92 million) to acquire Princes Food and Drinks in the UK.

Neurat said in a statement that after the transaction is completed, the group will change its name to New Princes, with a combined turnover of approximately 3 billion euros (approximately US$3.25 billion) and a combined share capital of more than 700 million euros.

"Neurat Foods will become the largest food company listed on the Milan Stock Exchange, consolidating its position as an important international player," Neurat Chairman Angelo Mastrolia said in a statement.

The company said it expects the net debt-to-core profit (EBITDA) ratio to be 1 by the end of 2026, and the average annual free cash flow between 2024 and 2028 will exceed 100 million euros.

Neurat added that it will announce its comprehensive business plan for 2030 on June 4.

The company said in a statement that the deal is expected to be completed by the end of July and includes the sale of a £ 50 million stake in Neurat to Mitsubishi, which owns Princes.