Acesur and Dcoop to acquire Deoleo for 520 million euros

Spanish olive oil producers Acesur and Dcoop have reached a binding agreement to acquire approximately 91.99% of Deoleo Holding, the parent company of global brands such as Carbonell, Bertolli, and Hojiblanca. The deal values the company at an enterprise value of 520 million euros.

The consortium's bid was selected by Deoleo's board of directors over a competing proposal from the Italian group Coricelli and the Spanish firm Migasa. While the Coricelli offer was reportedly valued around 530 million euros, the Spanish consortium was preferred due to its financial solidity and the certainty of execution.

The acquisition aims to integrate Deoleo's global distribution network with the production capacity of Acesur and the agricultural base of the Dcoop cooperative, which represents 75,000 farming families. This move is expected to consolidate Spanish leadership in the global olive oil market.

The transaction is subject to regulatory approvals, including antitrust clearances in Spain and the United States, as well as foreign investment reviews in Italy. The process is estimated to take between six and eight months. Additionally, the deal is conditional on the Japanese group Mizkan not terminating Bertolli brand licenses due to the change in control.