A&O Shearman advises Mitsubishi Corporation on the GBP700 million sale of Princes Group

With a global supply network and a portfolio of branded and customer own brand products, Princes is one of the UK's largest food and drink groups. The group specializes in manufacturing and sourcing quality products and, as a leading international grocery supplier.

Newlat is an international agro-food group with a strong heritage, producing and distributing dairy, baby food, pasta, bakery, gluten free, instant hot snacks and other specialty food products mainly under its own brands as well as private label. Newlat Food S.p.A and its subsidiary Centrale del Latte d’Italia are both listed on the Milan Stock Exchange.

Consultation with the Dutch Works Council of Princes is required before the final purchase agreement is signed, and the transaction is also subject to the receipt of a number of customary regulatory approvals, consultation with its European Works Council and certain other conditions. The sale is expected to close in July 2024.

Nick Wall, A&O Shearman partner said: “We are delighted to have supported Mitsubishi corporation on the sale of this high-profile consumer brand. A team of A&O Shearman lawyers in the UK, Italy and Japan worked together to support our client on this important transaction. This demonstrates our ability to provide a truly global offer with unmatched reach and depth, tailor-made to deliver complex, cross-border work for our clients.”

The A&O Shearman team is led by London M&A partners Alex Tilley and Stephen Mathews and M&A senior associate Zara Sproul. Lydia Challen is providing tax advice, and the team also includes Tokyo partner Nick Wall.