British branded food producer Premier Foods plc (LON:PFD) said on Thursday it has sold for GBP32m (USD51m/EUR39.7m) in cash the shares it holds in US-based Hain Celestial Group Inc (NASDAQ:HAIN), obtained as part of the purchase consideration for Premier’s Sweet Spreads and Jellies business.
Last month, Premier finalised the disposal of the business to Hain Celestial in a deal valued at GBP200m. The purchase price consisted of GBP170m in cash and at least GBP30m worth of Hain shares.
Premier will use the GBP202m gross proceeds of the transaction to pay down debt.
Melville, New York-based Hain focuses on natural and organic food and personal care products. According to a company statement from 29 October, the deal is expected to be earnings enhancing from the second quarter of its fiscal 2013.