Del Monte Foods/Sponsors
On November 25, 2010, a group of investors led by Kohlberg Kravis Roberts & Co. L.P. (NYSE: KKR) and Del Monte Foods Co. (NYSE: DLM) entered into an agreement whereby KKR et al. would acquire Del Monte for a consideration of $19 per share in cash.
Total consideration on the acquisition will be $4 billion. The price of $5.3 billion includes the assumption of $1.3 billion in net debt.
The group led by KKR also includes private equity companies Vestar Capital Partners and Centerview Partners.
The transaction is expected to close in Q111.
Barclays Capital Inc. served as financial advisor to Del Monte Foods and provided a fairness opinion in connection with the transaction. Perella Weinberg Partners LP also provided a fairness opinion in connection with the transaction. Gibson Dunn & Crutcher LLP served as legal advisor to the Company in connection with this transaction.
Centerview Partners acted as lead financial advisor to the Sponsors in this transaction. Bank of America Merrill Lynch, J.P. Morgan Securities and Morgan Stanley also advised on this transaction. The Sponsors' lead legal advisor was Simpson Thacher & Bartlett LLP.
The Sponsors have secured committed debt financing from Bank of America Merrill Lynch, Barclays Capital Inc., JPMorgan Chase, Morgan Stanley and KKR Capital Markets LLC.
The agreement permits Del Monte to solicit alternative proposals from third parties through January 8, 2011.
Total consideration on the acquisition will be $4 billion. The price of $5.3 billion includes the assumption of $1.3 billion in net debt.
The group led by KKR also includes private equity companies Vestar Capital Partners and Centerview Partners.
The transaction is expected to close in Q111.
Barclays Capital Inc. served as financial advisor to Del Monte Foods and provided a fairness opinion in connection with the transaction. Perella Weinberg Partners LP also provided a fairness opinion in connection with the transaction. Gibson Dunn & Crutcher LLP served as legal advisor to the Company in connection with this transaction.
Centerview Partners acted as lead financial advisor to the Sponsors in this transaction. Bank of America Merrill Lynch, J.P. Morgan Securities and Morgan Stanley also advised on this transaction. The Sponsors' lead legal advisor was Simpson Thacher & Bartlett LLP.
The Sponsors have secured committed debt financing from Bank of America Merrill Lynch, Barclays Capital Inc., JPMorgan Chase, Morgan Stanley and KKR Capital Markets LLC.
The agreement permits Del Monte to solicit alternative proposals from third parties through January 8, 2011.
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