November 14 (SeeNews) - Tyrbul, the wholly-owned Bulgarian subsidiary of Hellenic Dairies, has submitted for clearance its agreed acquisition of United Milk Co, the local unit of fellow Greek sector player Delta Foods, the Bulgarian competition regulator said.
The request for approval was filed on November 8, the Commission on Protection of Competition said in a statement last week.
You can subscribe to our M&A newsletter here
Third parties are invited to make submissions on the deal within seven days of the publication of the review notification.
Delta Foods announced in mid-September that it has agreed to offload 100% of the shares in United Milk Co to Tyrbul, but did not disclose the value of the planned transaction.
United Milk Co's registered capital amounts to 40.55 million levs ($21.3 million/20.7 million euro), according to data from the commercial register.
Plovdiv-based United Milk, which employs 500 staff, booked earnings before interest, taxes, depreciation and amortisation (EBITDA) of 5.15 million euro ($5.3 million ) on turnover of 52.5 million euro in 2021, according to the vendor's statement. It makes fresh milk, UHT milk and cheese products, and owns the dairy brands Vereia and Fibella.
Sliven-based Tyrbul produces and distributes dairy products under the Olympus brand.
(1 euro = 1.95583 levs)