Crown Holdings To Buy Mivisa Envases For EUR 1.2 Bln In Cash - Quick Facts

(RTTNews) - Packaging products company Crown Holdings Inc. (CCK) announced Thursday that it agreed to acquire Mivisa Envases, SAU, Spanish manufacturer of two- and three-piece food cans and ends, from certain investment funds managed by affiliates of The Blackstone Group L.P., N+1 Mercapital and management, in a cash transaction valued at 1.2 billion euros.

The acquisition is expected to close during 2014 and to be earnings accretive. It is subject to review by the European Commission and other competition authorities. Debt financing has been fully committed in support of the transaction.

With sales of 555 million euros and EBITDA of 133 million euros for the audited fiscal year ended June 30, 2013, Mivisa, based in Murcia, Spain, is the largest food can producer in both the Iberian Peninsula and Morocco. Primarily serving the vegetable, fruit, fish and meat segments, Mivisa currently operates ten manufacturing facilities, including six in Spain and one in Morocco.