Romanian food chain Good People said on July 4 that transnational consumer goods group Unilever has signed a contract to buy a 75 per cent stake in the company.
The deal needs to be approved by Romania’s competition authority in order to take effect, Good People, operating under the brand name FruFru, said in a statement.
Mihai Simiuc, who founded the company in 2005, will remain a shareholder in Good People, and will own a 25 per cent stake if the deal is finalised.
The transaction price will be set within 10 business days from the end of the month preceding the month in which all prior conditions in the contract have been met.
Good People raised 4.55 million lei (960,807 euros) in March 2016 through the sale of five-year bonds on the Bucharest Stock Exchange, BVB.
Unilever is the second largest player on the global food market, after Nestle. Last year, it bought Romanian ice cream maker Betty Ice.
Source: SeeNews / Photo: FruFru official Facebook page