Market Overview

Hillshire Brands to Sell Australian Bakery Business to McCain Foods

Hillshire Brands (NYSE: HSH) today announced it has signed
an agreement to sell 100% of the shares of its Australian subsidiary
Kitchens of Sara Lee Pty Ltd to a subsidiary of McCain Foods Limited
(McCain Foods Aust Pty Ltd), an international leader in the frozen food
industry. Hillshire reports the Kitchens of Sara Lee business as the
“Australian Bakery” business. Also included in the transaction are
license rights to certain intellectual property used in the Australian
Bakery business in the Asia-Pacific region. The total amount of
consideration payable in connection with the transaction is AUD$82
million in cash (approximately USD$85 million based on recent exchange
rates), subject to adjustment. The transaction is expected to close in
the first half of calendar

See full press release

Posted-In: News Guidance Asset Sales Management M&A Global

 

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