Lamb Weston To Buy Remaining Stake In European JV From Meijer For EUR 700 Mln In Cash, Stock
(RTTNews) - Lamb Weston Holdings, Inc. (LW) announced Thursday it has entered into an agreement to purchase the remaining equity interests in its European joint venture with Meijer Frozen Foods B.V. for 700 million euros in cash and common stock of Lamb Weston.
The transaction consideration comprises of 525 million euros in cash and 175 million euros of Lamb Weston's common stock. The Company expects to fund the cash portion of the acquisition with new borrowings and cash on hand.
Upon completion of the transaction, Lamb Weston will own 100% of Lamb-Weston/Meijer v.o.f., formerly operated as a 50/50 joint venture between a wholly-owned subsidiary of Lamb Weston and Meijer Frozen Foods.
The Company anticipates closing the transaction in the second half of fiscal 2023, subject to regulatory approvals.
As of the transaction closing, Lamb-Weston/Meijer will be a wholly-owned subsidiary of the Company, and the Company will fully consolidate Lamb-Weston/Meijer's results in its financial statements.
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