M&As this week: Philippine Long Distance Telephone Company (PLDT), Globe Telecom.

San Miguel Corporation (SMC), a Philippines-based food and beverage company, has entered an agreement with Philippine Long Distance Telephone Company (PLDT) and Globe Telecom to sell its telecommunication business, Vega Telecom.

The acquisition is estimated to be worth PHP52.08bn ($1.11bn) for a 100% equity interest in Vega Telecom. Both PLDT and Globe Telecom have agreed to acquire a 50% stake each in Vega Telecom with liabilities worth PHP17.02bn ($0.36m) to be jointly assumed.

Elior North America, a culinary management company, will acquire Illinois-based Preferred Meals in a move to boost its business in the US contract catering market by adding six production kitchens and 13 distribution centres.

Preferred Meals, a provider of meals, and fresh and frozen snacks for contract catering and home delivery will retain its current president and CEO, and will continue to operate under its brand name following the acquisition.

Gimv NV has agreed to sell its 23.58% stake in Vandemoortele NV, a Belgium-based food manufacturer, to Safinco NV, the holding company of Vandemoortele family shareholders.

Safinco will use part of its own credit facilities to finance the deal. Vandemoortele NV will also declare an estimated €145m ($161.89m) in extraordinary dividend to Safinco, which will also be used for financing the deal. The extraordinary dividend will be obtained from the company’s revolving credit facility.

Gay Lea Foods Co-operative, a producer and supplier of dairy products, will acquire Black River Cheese Company in a bid to boost its business in the Canadian cheese market.

Based in Canada, Black River Cheese Company is a cheese products producer and supplier, while Gay Lea Foods sells its dairy products under the Salerno and Ivanhoe cheese brands.

Thai Capital Corporation Public Company has diversified its business into the food and retail sector by acquiring NYC-Thai BD Company, the operator of a chain of ice cream stores.

Thai Capital Corporation Public Company, a Thai importer and seller of coal, has acquired a 100% stake in the food company for THB33.8m ($0.94m) from Walaikorn Leiner, Benjamin J Leiner, Jerry Joseph Leiner and Bandit Siriphromsith, the existing shareholders.

NYC-Thai BD Company operates under the brand name Emack and Bolio’s.

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Image: Black River Cheese Company has been acquired by Gay Lea Foods, a producer and supplier of dairy products. Photo: courtesy of Gay Lea Foods Co-operative Ltd.