Blackstone Group and Spanish private equity firm Dinamia will pay up to 8.5 million euros ($12.58 million) for a 5% maximum stake in the parent company of Spanish food cans maker Mivisa, Reuters said. Murcia, Spain-based Mivisa is currently owned by European buyout shop CVC, which bought the company in 2005, Reuters reported.
(Reuters) – Blackstone Group (BX.N), the U.S. private equity firm, and Spanish private equity company Dinamia agreed to make a binding offer for Mivisa MIVIS.UL launching a management buyout for the Spanish food cans maker, Dinamia said on Thursday.
No financial details of the acquisition were disclosed but Dinamia said as part of the agreement it will pay up to 9.5 million euros ($12.58 million) for a maximum 5 percent stake in Mivisa’s parent Sofamen XXI.
The key members of the Mivisa management team, led by Tomas Lopez, will retain a stake in the company.
The deal is still awaiting the approval of the European competition authorities and is expected to close in the second quarter of 2011.
On Dec. 10, people familiar with the matter said Blackstone had made the only binding offer for Mivisa, owned by the U.S. company’s European rival CVC CVC.UL.
CVC, which has owned the Murcia-based company since 2005, kickstarted the auction for Mivisa in September, hoping to fetch 1 to 1.2 billion euros from the sale, according to sources. ($1=.7549 Euro)
(Reporting by Judy MacInnes; Editing by Jon Loades-Carter)