Food packaging company Crown Holdings Inc announced in a statement that it would be acquiring Mivisa Envases, a maker in food cans. The acquisition was valued at EUR1.20 billion or USD1.65 billion. Crown's purchase of the Spanish food-can maker was seen as strategic as the former intended to expand its agricultural offerings in Spain.
Mivisa would be acquired from investment funds that are managed by affiliates of a private consortium. The consortium is composed of private equity firms N+1 Mercapital and The Blackstone Group LP.
Crown Chief Executive John Conway said, "(The deal) will significantly build upon Crown's existing position in the strategically important European food can segment by substantially increasing our presence in Spain, one of Europe's leading agricultural economies."
Citigroup Global Markets provided the committed debt financing Crown had used to acquire Mivisa. Citigroup also acted as Crown's financial adviser for the deal. Crown said the acquisition would be finalized in 2014.
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