CHICAGO - Conagra Brands, Inc. (NYSE: NYSE:CAG) has announced it will divest its majority ownership in Agro Tech Foods Limited (ATFL), a Mumbai-based food company. The agreement involves the sale of a 51.8% stake to investment funds advised by Convergent Finance and Samara Capital.
The transaction, subject to standard closing conditions and regulatory approvals, is anticipated to finalize by the end of 2024. Following the completion of the deal, Conagra Brands will cease to include ATFL's financial results in its consolidated statements.
Bank of America and Cyril Amarchand Mangaldas provided advisory services to Conagra Brands for this transaction. The divestiture is aligned with Conagra's strategic reorientation as the company continues to adapt its portfolio to meet evolving consumer preferences.
Conagra Brands, with a portfolio of iconic and emerging brands, including Birds Eye, Duncan Hines, and Slim Jim, is a major player in the North American branded food industry. The company focuses on innovation and has been adjusting its product offerings to align with changing tastes and dietary trends.
While the press release contained forward-looking statements regarding the expected timing and completion of the proposed transaction, these are subject to change based on various factors, including regulatory approval processes and other potential closing conditions. Conagra Brands has stated it will not update these forward-looking statements except as legally required.
The information for this article is based on a press release statement.
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