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Cutrale-Safra to Acquire Chiquita in $1.3 Billion Deal

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Cutrale-Safra to Acquire Chiquita in $1.3 Billion Deal

Cutrale-Safra to Acquire Chiquita in $1.3 Billion Deal
October 28
09:38 2014

Chiquita Brands International is being acquired by Cutrale-Safra group in a deal that will combine one of the leading fresh produce companies with one of the world’s most highly regarded agribusiness and juice companies. Cutrale-Safra is part of the Safra Group, a leading global financial services firm with a strong track record of successful investments.

The $14.50 per share consideration to be received by Chiquita shareholders represents a 33.8% premium to Chiquita’s closing price on March 7, 2014, the last trading day prior to the announcement of Chiquita’s proposed merger with Fyffes, a leading international importer and distributor of tropical produce. The transaction with Cutrale-Safra is valued at approximately $1.3 billion, including the assumption of Chiquita’s net debt.

With annual revenues of more than $3 billion, Chiquita employs approximately 20,000 people and has operations in nearly 70 countries worldwide. The company markets its fresh products under the Chiquita and Fresh Express premium brands and other related trademarks.

The Cutrale Group incorporates the global agribusiness operations owned by the Cutrale family. It is one of the world’s leading orange juice processors for frozen concentrated orange juice and not-from-concentrate fresh juices. Indeed, operations within the Cutrale Group account for over one-third of the $5 billion orange juice market. The global business operations include oranges, apples, peaches, lemons and soybeans.

The transaction is subject to the satisfaction of customary closing conditions and regulatory approvals and is expected to close by the end of the year or early 2015. Following the close of the transaction, Chiquita will become a wholly owned subsidiary of the Cutrale-Safra group, and remain incorporated in New Jersey.

Fyffes is entitled to a termination fee of almost €19 million from Chiquita after the proposed $1 billion (€789 million) merger between the two companies was rejected by Chiquita shareholders in favour of the Cutrale Group deal.

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