Glanbia Co-operative Society recently completed its acquisition of a 60 per cent interest in Dairy Ireland which comprises of two business units, Glanbia Consumer Foods Ireland and Glanbia Agribusiness, from Glanbia plc.
This represents an expansion of the existing joint venture between the Society and the plc, now known as Glanbia Ireland.
Glanbia Ireland brings together the Glanbia Group’s Irish ingredients, dairy and agri-businesses under single ownership.
As part of the transaction, the Society sold approximately 8.7 million of its shares in the plc, equivalent to 3 per cent of the issued share capital of the plc, by way of a share placing. The proceeds of the share placing were used to part finance the transaction and create a €40m Member Support Fund.
Additionally, the Society plans to distribute approximately 5.9m plc shares to over 14,000 individual Society members by way of a share spin-out.
The William Fry team advising Glanbia Co-op on the acquisition of Dairy Ireland, the share placing and the spin-out is led by David Fitzgibbon, who is assisted by Paul White, John Magee, Cormac Little and Liam Connellan.