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KKR, Vestar Capital and Centerview Partners Complete Acquisition of Del Monte Foods for $5.3 Billion
As reported in The Deal Pipeline, CNCBC.com and other media outlets, Del Monte Foods Company (NYSE: DLM) announced yesterday the completion of its acquisition for $19.00 per share in cash -- higher than any price Del Monte's stock has ever achieved -- by an investor group led by funds affiliated with Kohlberg Kravis Roberts & Co. L.P., Vestar Capital Partners and Centerview Capital. Paul, Weiss represented Centerview Capital in the transaction, which was unanimously approved by Del Monte's board of directors and the stockholders of the company.
The acquisition is valued at approximately $5.3 billion, including the assumption of approximately $1.3 billion in net debt. This price represents a premium of approximately 40 percent over Del Monte's average closing share price during the past three months prior to November 18, 2010, when market rumors of a transaction surfaced.
Del Monte common stock ceased trading on the New York Stock Exchange before the opening of the market today. Under private ownership, Del Monte's common stock will no longer be listed on the New York Stock Exchange.
The Paul, Weiss team advising Centerview Capital includes corporate partners Yvonne Y. F. Chan, Jeffrey D. Marell and Marilyn Sobel; tax partner David W. Mayo; and employee benefits partner Robert C. Fleder and counsel Maureen A. Riley.