Indofood to acquire Pinehill: Bloomberg

Indofood CBP Sukses Makmur is planning to pick up instant noodle maker Pinehill for around USD 3.00 billion, Bloomberg reported.

Without citing sources, the news provider said the buyer, owned by Indonesia billionaire Anthoni Salim, is looking to expand into fast-growing markets for consumer products as part of this transaction.

Pinehill is part of Pinehill Corpora and produces instant noodles in Africa and the Middle East.

Indofood is holding a shareholders meeting on 15th July 2020 to discuss the potential deal.

Pinehill manufacturers instant noodles with its key markets being Saudi Arabia, Nigeria, Egypt, Turkey, Serbia and Morocco.

It has 12 factories with a capacity of 10.00 billion packs, Bloomberg observed, citing Indofood.

The potential acquiror claims to be one of the leading players in consumer branded products, providing a range of noodles, snacks, food seasonings and beverages.

Indofood has more than 60 plants located in Indonesia and goods that are sold in over 60 countries worldwide.

The company posted sales of IDR 12,010 billion (USD 856.34 million) in the three months ended 31st March 2020, up 7.0 per cent from IDR 11,260 billion in the corresponding period of 2019.

Income from operations rose 43.0 per cent to IDR 2,800 billion in Q1 2020 (Q1 2019: IDR 1,960 million).

According to Zephyr, the M&A database published by Bureau van Dijk, there have been 264 deals targeting Indonesian companies announced worldwide in 2020 to date.

More:  DoorDash to secure USD 400m funding round

In the largest of these, Acset Indonusa to raise funds via a rights issue, under which the civil engineering construction services group will issue 15.00 billion new shares worth IDR 9.53 billion.

Other targets included Bank Artos Indonesia, Medco Energi Internasional, Apexindo Pratama Duta and XL Axiata’s 1,728 telecommunication towers assets.

© Zephus Ltd


More from: | Category: M&A News