Milbank LLP advised food and beverage conglomerate Del Monte Pacific Limited (“Del Monte”) in connection with the sale of a 12 percent stake in its Philippine subsidiary Del Monte Philippines, Inc. (“DMPI”) to SEA Diner Holdings (“SEA Diner”), a Singapore-incorporated, consumer-focused investment company. The deal was valued at US$120 million.
Under the terms of the agreement, SEA Diner purchased approximately 335.7 million shares in DMPI from Del Monte.
DMPI is engaged in the production and sale of food and beverage products primarily in the Philippines, and Del Monte operates one of the world's largest fully integrated pineapple operations. Singapore’s SEA Diner is focused on investing in companies in the consumer sector in China and Southeast Asia.
Ms. Chan said: “We are pleased to have advised Del Monte on this strategic reorientation of its business that allows them to solidify their market position.”
Mr. Pery added: “This transaction illustrates the continued interest of key financial and strategic investors who see long-term value and opportunity in the Philippines’ dynamic consumer sector.”