Tnuva deal completes
Print Edition
BRIGHT Food Group has completed the purchase of 77.7 percent of Israel’s largest food company Tnuva as the Chinese company aims to enhance product and technology capability in China’s booming dairy market.
The stake purchase values Tnuva at around 13.4 billion yuan (US$2.16 billion), said Bright Food spokesman Pan Jianjun. But he didn’t disclose the transaction value.
The two companies will set up a new management team to oversee the business, he added.
Bright Food was said to have paid 7.59 billion yuan to private equity firm Apax Partners and venture capital firm Mivtach-Shamir Holdings Ltd, Israel business news website Globes reported yesterday.
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