SCHLIEREN, SWITZERLAND — International bakery company ARYZTA announced it has successfully signed binding documentation concerning the disposal of its Brazil businesses to Grupo Bimbo. The transaction is expected to complete by the end of Q2 of ARYZTA’s financial year 2022, and is subject to traditional closing conditions for this type of transaction.
ARYZTA also announced it has entered into an underwritten agreement with three banks for a new €500 million (approx. $583.8 million USD) revolving credit facility. The facility, which is expected to be utilized by early October 2021, is underwritten by Credit Suisse, Rabobank and UBS, and will replace the current €800 million (approx. $934.1 million USD) revolving credit facility that matures in September 2022.
“The successful sale of the Brazil businesses is a further positive step in the delivery of our strategy to rebuild ARYZTA’s leadership in bakery in Europe and Asia,” said Urs Jordi, ARYZTA’s chairman and interim CEO. “ARYZTA’s disposal program since September has exceeded expectations in all regards and accelerates the Group’s journey to financial stability. Our focus will now center on delivery of sustainable organic growth and achieving industry profitability and efficiency levels through our multi-local business strategy.”
ARYZTA was advised on the Brazil transaction by Houlihan Lokey and Alantra, PinheiroNeto and KPMG.
ARYZTA will issue its 2021 Annual Report and full year results on Oct. 4 and will hold its AGM on Nov. 17.
