Food group IAWS Group has received US antitrust approval to acquire the US specialty baked goods business Otis Spunkmeyer Holdings, according to a notice published today. The deal is the Irish company's biggest to date.
US antitrust authorities closed their review of the transaction without taking any action to block it, the US Federal Trade Commission said in the notice.
The deal, announced earlier this month, includes an initial $340m equity payment plus a further $25m based on performance targets.
Otis Spunkmeyer is being acquired from the private equity firm Code Hennessy & Simmons and current management.
IAWS described Otis Spunkmeyer as an 'iconic brand' in the US market, with 62,000 foodservice and retail customers across the country. It operates four manufacturing facilities in California, Texas, South Carolina and Pennsylvania.
IAWS shares closed eight cent lower at €17.39 in Dublin this evening.
