FMCG firm LT Foods, which own rice brand Daawat, on Tuesday said it was acquiring Hungary-based Global Green Europe Kft for approximately 25 million euros (Rs 256 crore) to expand its presence in the European packaged food market. It will pay 6 million euros upfront for the equity stake, with 1.8 million euros payable over two years through an earn-out mechanism, the company said. It will also assume the target company’s debt.
LT Foods to buy Hungary’s Global Green Europe; forays into canned food biz
It will pay 6 million euros upfront for the equity stake, with 1.8 million euros payable over two years through an earn-out mechanism, the company said.
