Kerry close to completing its two summer mega-deals

Galtee and Denny are among the brands group will sell to US multinational

Kerry Group will sell its meats and meals business to  Pilgrim’s Pride for €819m.

Kerry Group is set to formally complete the two mega-deals – one acquisition and one divestment – it announced during the summer.

The €819m sale of Kerry’s meats and meals business, comprising the bulk of its consumer foods arm, to US food multinational Pilgrim’s Pride has been approved by the Competition and Consumer Protection Commission (CCPC).

That is the last regulatory hurdle Kerry had to clear for that deal and adds Irish regulatory approval to the already received UK green light.

That sale - to be completed shortly - covers such well-known brands as Galtee, Denny, Richmond and Fridge Raiders.

Acquisition

Kerry is also understood to be closing its agreed purchase of US food preservation ingredients firm Niacet. Kerry announced that €853m acquisition in June.

Kerry is buying Niacet – which is a global leader in food preservation technology – from private equity firm SK Capital Partners.

While Kerry is retaining a smaller consumer foods business – including brands such as Dairygold and Cheestrings and incorporating its remaining dairy-related activities – the two huge summer deals are aimed at pushing its continued strategic development into a massive global taste and nutrition business.