Bright Food to buy control of Tnuva for $960m

Chinese state-backed group to buy 56% stake in Israel's Tnuva in the country's largest outbound dairy deal.

Bright Food to buy control of Tnuva for $960m

China’s state-backed Bright Food has signed a preliminary agreement to buy a 56.1% stake in Tnuva, Israel’s largest food company, from private equity firm Apax Partners for about $960 million, according to a source familiar with the deal.

The deal is expected to value Tnuva at an enterprise value of about $2.5 billion, the source added.

Once completed, it would be the largest outbound MA deal in China's dairy industry and...

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