URC buys Australian snackfood company

UNIVERSAL Robina Corp. (URC) will acquire Consolidated Snacks Pty Ltd. (CPSL) in Australia for P21.34 billion (AUD 600 million), according to a report in the Philippine Daily Inquirer.

CPSL trades under the name Snackbrands Australia (SBA), which owns the brands Kettles, Thins, CC’s and Cheezels.

The report quoted URC vice president for investor relations, Mike Liwanag, as saying the company will acquire 100 percent of SBA on cash-free, debt-free deal in which CPSL will “retire all their debts and take all cash out upon completion.”

Parties involved expect the transaction to be completed by the end of September pending the approval of the Australian Foreign Investment Review Board.