Spain's Acesur, Dcoop to buy olive oil group Deoleo for €520 million

Acesur, Dcoop Agree on €520 Million Acquisition of Deoleo, Owner of Bertolli and Carbonell

Details of the Acquisition Agreement

Overview of the Deal

MADRID, Nov 5 (Reuters) - Spanish olive oil producers Acesur and Dcoop have signed a binding agreement to buy Deoleo, owner of the Carbonell and Bertolli brands, in a deal valuing the business at an enterprise value of €520 million ($586 million), Deoleo said on Thursday.

Shareholder Participation and Structure

• The agreement covers about 92% of Deoleo Holding, the group's operating parent, and could extend to 100% if other shareholders join as sellers, Deoleo said in a filing to the stock market supervisor

Regulatory and Shareholder Approvals

• Closing still requires antitrust approval in Spain and the US and foreign investment clearance in Italy, it added, as well as approval from Deoleo shareholders

• Ole Investments, which holds 56.96% of Deoleo, has irrevocably committed to vote in favor, it said

Financial Terms and Valuation

• Deoleo said its 50.99% stake in Deoleo Holding could be worth between €190 million and €200 million in equity value, adding that the final amount would depend on net debt and working capital adjustments at closing

Conditional Factors

• The deal is also conditional on Japanese food group Mizkan not notifying, within two months of the announcement, that it intends to terminate any Bertolli brand licence due to the change of control

Strategic and Market Implications

• The deal keeps the company under Spanish control, a concern the government in Madrid had previously raised through Agriculture Minister Luis Planas

Deoleo's Market Position and Financial Performance

• Deoleo, the world's largest olive oil bottling and processing company, posted 2025 sales of €821 million, EBITDA of €50 million and net profit of €20 million($1 = 0.8880 euros)

(Reporting by David Latona; Editing by Louise Heavens and Joe Bavier)