Danone To Buy Medical Nutrition USA For $62m
Danone, the US division of French dairy company Groupe Danone, has signed an agreement with Medical Nutrition USA (MNI), a developer and distributor nutrition-medicine products, to acquire its 100% capital. According to the terms of the agreement, Danone will pay nearly $62m in cash to MNI.
The organization and line of products of MNI will become part of Danone's North American medical nutrition business, Nutricia North America, headquartered in Rockville, Maryland.
The worth of this transaction banks on the strong synergies both in terms of product ranges and channels of distribution. MNI has developed a good access to the long term care channel while Nutricia’s products in the US are mainly aimed at infants and distributed in pharmacies.
Flemming Morgan, president of medical nutrition for Danone said, I am delighted that the MNI team will be joining our medical nutrition division, including Nutricia North America. Because MNI's competencies and successful product lines are so complementary to ours, the combination of the two businesses will reinforce Danone's leadership in advanced medical nutrition, and allow us to expand our reach and benefit the quality of life of more patients, particularly in the US.
Frank Newman, chairman and CEO of MNI, said: “The merger is a wonderful opportunity for MNI customers, employees and shareholders alike. The combination of Danone’s global reach and research in paediatric medical nutrition with MNI’s product leadership in nutrition medicine for the elderly in the US represents a formidable coupling of complementary strengths that will benefit our customers and employees.”
The transaction is subject to customary closing conditions and is expected to close early in the third calendar quarter.
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