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CHICAGO – Conagra Brands, Inc. (NYSE: NYSE:) announced the sale of its majority ownership in Agro Tech Foods Limited (ATFL), a Mumbai-based food company. The deal includes the sale of a 51.8% stake to an investment fund advised by Convergent Finance and Samara Capital.
The transaction is expected to close by the end of 2024, subject to standard closing conditions and regulatory approvals. Following completion of the transaction, Conagra Brands will discontinue including ATFL's financial results in its consolidated statements.
Bank of America and Cyril Amarchan Mangaldas provided advisory services to Conagra Brands in connection with the transaction. The sale is in line with Conagra's strategic pivot as it continues to adapt its portfolio to meet evolving consumer preferences.
Conagra Brands is a major player in North America's branded food industry, with a portfolio of iconic and emerging brands including Birds Eye, Duncan Hines and Slim Jim. The company has focused on innovation and has tailored its product offering to changing tastes and dietary trends.
The press release contains forward-looking statements regarding the anticipated timing and completion of the proposed transaction, which are subject to a variety of factors, including regulatory approval processes and other potential closing conditions. Subject to change based on. Conagra Brands states that it does not update these forward-looking statements except as required by law.
The information in this article is based on the press release.
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