NOMAD Foods, owner of Iglo, confirmed today that is buying the European operations of Findus for £500 million.
The deal includes Findus businesses in Sweden, Norway, Finland, Denmark, France, Spain and Belgium.
It will also include the intellectual property and commercialization rights to the Findus, Lutosa, and La Cocinera brands in the respective markets.
The remaining part of Findus, including Young’s Seafood Ltd. in the U.K., will remain under the ownership of the seller, Nomad said.
Nomad’s Martin E Franklin told the Wall Street Journal that the deal would allow Nomad to grow its frozen foods business, while simultaneously pursuing other acquisitions, both in Europe and the US.
‘There are places in frozen food where we think we can find growth,’ he said. ‘At the same time, we are keeping our eye on opportunities in the US.’
News of the deal first became public in June when Findus said it had entered into talks with Nomad.