Add

Total Produce combines with Dole Food Company to become sector’s largest player

Today Total Produce and Dole Food Company have announced a binding transaction agreement to combine under a newly created US-listed company: Dole PLC.
lun 22/02/2021 by Richard Wilkinson

This will make Dole PLC the world’s number-one fresh produce company with an estimated combined 2020 revenue of approximately US$9.7 billion, and total assets of approximately US$4.5 billion.

Total Produce acquired a 45% stake in Dole for US$300m in July 2018, and this transaction consideration for the remaining 55% stake equates to US$250m. The transaction will simplify the existing structure between the two companies by unifying Dole and Total Produce under common ownership, with the objective of enabling full operational integration, realisation of synergies and value creation across the enlarged business. Under the terms of the agreement, Total Produce shareholders will receive 82.5% of Dole PLC shares and the C&C shareholders will receive 17.5% of Dole PLC shares, in each case based on the fully diluted outstanding shares immediately prior to the completion of the Transaction.

Add

Subscribe to our Newsletter

Add

Most read on social media

Add
Add