CHICAGO, May 6, 2019 (PRNewswire) — Conagra Brands, Inc. on Monday announced that it has entered into a definitive agreement to divest its Italian-based frozen pasta business, Gelit (headquartered in Doganella di Ninfa, Italy) to an Italian investment company owned by Consilum SGR S.p.A., Progressio SGR S.p.A., and MMM S.r.l. whose reference shareholder is Massimo Menna. The transaction is subject to customary closing conditions and includes the sale of Conagra Brands' entire equity interest in Gelit S.r.l. Financial terms were not disclosed.
BNP Paribas acted as the sole financial advisor to Conagra Brands, and Jones Day acted as its legal advisor.
About Conagra Brands
Conagra Brands, Inc. (NYSE: CAG), headquartered in Chicago, is one of North America's leading branded food companies. Guided by an entrepreneurial spirit, Conagra Brands combines a rich heritage of making great food with a sharpened focus on innovation. The company's portfolio is evolving to satisfy people's changing food preferences. Conagra's iconic brands, such as Birds Eye®, Marie Callender's®, Banquet®, Healthy Choice®, Slim Jim®, Reddi-wip®, and Vlasic®, as well as emerging brands, including Angie's® BOOMCHICKAPOP®, Duke's®, Earth Balance®, Gardein®, and Frontera®, offer choices for every occasion. For more information, visit www.conagrabrands.com.