The scheme implementation deed (SID) between United Malt and Malteries Soufflet will see the European giant acquire 100 per cent of United Malt’s shares for a cash price of AUD$5 per share.
Malteries Soufflet is the second largest operator in the global malt industry and a subsidiary of InVivo Group, a leading European agricultural group. Under the agreement, United Malt will become a wholly-owned subsidiary of Malteries Soufflet.
United Malt Group Limited is the fourth largest malting company globally. Malteries Soufflet has stated that with the agreement, they aim to create a leading global malt platform to accelerate their growth and value-generating strategy.
Thierry Blandinières, Chairman of Malteries Soufflet and CEO of InVivo Group, said the acquisition of United Malt is an important step in implementing Malteries Soufflet’s strategy to create a global platform in the malt sector.
“We are excited to announce this significant milestone in our acquisition of United Malt. With complementary assets, both in terms of geographical footprint and business segments, the combination will enable us to better serve our customers from craft and industrial beer brewers to whisky distillers across international markets.
“We look forward to welcoming the talented United Malt team and enhancing Malteries Soufflet’s expertise, capabilities and global network,” he said.
Mark Palmquist, Managing Director & Chief Executive Officer of United Malt, said: “We are pleased to join forces with Malteries Soufflet, a company that shares our commitment to delivering exceptional malt products to our customers. This is a fantastic outcome for our customers, employees, shareholders and other stakeholders and we look forward to completing the transaction.”
Implementation of the SID is subject to some notable conditions, including:
- An independent expert report concluding (and continuing to conclude) that the Scheme is in the best interests of United Malt’s shareholders
- Approval of the Scheme by United Malt’s shareholders
- Merger control and anti-trust/competition-related regulatory approvals in relevant jurisdictions
- Foreign investment approval in relevant jurisdictions
- No material adverse change occurring in respect of United Malt
- Federal Court of Australia’s approval in respect of the Scheme
Goldman Sachs Bank Europe SE and Crédit Agricole CIB are serving as financial advisors to Malteries Soufflet and Allens, Vivien & Associés, Wilkie Farr & Gallagher, Aramis and Bredin Prat are serving as the company’s legal advisors.
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