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.

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 the largest MA deal in Israel's consumer sector.

Bright Food confirmed the deal on its website but not the monetary value.

The company has long harboured ambitions to...

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