Brasil Foods acquires minority stake in Avex S.A.
SÃO PAULO, Brazil – Brasil Foods S.A. announced the company has acquired 1/3 minority interest in Avex S.A. and the remaining interest in three other companies for a total of $40.5 million.
The company also said it acquired the remaining interest in Flora Danica S.A., Flora San Luis S.A. and GB Dan S.A. (Grupo Danica), which all have headquarters in Argentina. Brasil Foods expects to complete the transaction within 90 days.
The acquisition will allow Brasil Foods to integrate its business in Argentina, including the operations of Quickfoods (acquired in July), as well as to gain synergies for integrated business, according to Leopoldo Viriato Saboya, chief financial and investor relations officer.