Milbank LLP is advising Gloria Foods, the dairy and food holding company of Grupo Gloria, in connection with its acquisition of an 80% equity stake in the Dairy Division (Argentina) of Saputo Inc. (TSX: SAP). Closing of the transaction is subject to certain customary closing conditions, including the receipt of regulatory approvals. Milbank is also advising Gloria Foods on a senior term loan facility to finance the acquisition.
Saputo is the top dairy processor in Argentina. The transaction includes two manufacturing facilities located in the Provinces of Cordoba and Santa Fe as well as local brands, including La Paulina, Ricrem and Molfino.
“This transaction highlights the trust our clients place in Milbank to advise them on some of the region’s most sophisticated and high-profile transactions and the firm’s long-standing commitment to Latin America,” said Marcelo Mottesi, chair of Milbank’s Corporate Finance and Securities practice and co-head of the firm’s Latin America group.
Milbank Global Corporate/M&A partner Francisco Nuñez added “We are proud to be advising Gloria Foods on this landmark transaction, which underscores Milbank’s market-leading capabilities advising on complex, high-value M&A transactions across Latin America.”
The Milbank team was led by partners Marcelo Mottesi, Francisco Nuñez and Scott Golenbock, special counsel Gonzalo Guitart, associates Gabe Carolan, Abigail King and Fernando Quezada and international attorney Fernando Vial Comber. The Milbank team also included Antitrust partner Fiona Schaeffer and associate Mariella Montplaisir Bazan; Intellectual Property special counsel John Garces; Tax partner Andrew Walker and special counsel Michael Rivkin; and Global Risk & National Security partner Bijan Ganji, special counsel Pinky Mehta and associate Melis Ulusel.
