MONTREAL — Saputo Inc. has signed a friendly deal to buy United Kingdom-based company Dairy Crest Group plc in an agreement valued at about $1.7 billion.
Under the deal, Saputo will pay 6.20 pounds per share for the company.
Dairy Crest manufactures and sells cheese, butters, spreads and oils under British brands such as Cathedral City, Clover, Country Life and Frylight.
The company has about 1,100 employees in seven locations across the United Kingdom.
The deal is subject to approval by Dairy Crest shareholders as well as court and other approvals.
The transaction is expected to close later this year.
Companies in this story: (TSX:SAP)
The Canadian Press