IC Universal Legal advised Eastern Condiments when it agreed to a 67.8% stake sale to Oslo stock exchange-listed Orkla. Trilegal advised both Orkla and Orkla’s Bengaluru-based subsidiary, MTR Foods, through which it is making the acquisition.
The deal was signed on 4 September and is expected to close after regulatory approvals are received. It comprises the sale of a 41.8% stake in Eastern Condiments by its promoters, the Meeran family, and the entire 26% stake of McCormick Ingredients SE Asia, which has held a stake in the company since 2010.
The parties have agreed on a purchase price that values Eastern at ₹20 billion (US$268 million) on a debt and cash-free basis.
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