Glanbia to Sell Irish Dairy Unit

Glanbia will sell its Irish dairy unit and agri-business to Glanbia Co-operative Society for about €343m ($457.5m), to focus on its international nutritional ingredients and cheese businesses.

The society will pay through the sale of Glanbia shares and €49.7m ($66.2m) in cash, the company said in a regulatory statement.

The deal includes Glanbia’s three business units, dairy ingredients, consumer products and agribusiness, as well as Glanbia estates, group business services and Irish joint ventures.

The deal is expected to be completed by June this year.

Once the deal is complete, the cooperative’s stake in Glanbia will come down from 54.6% to about 20%.