Aryzta has completed its acquisition of a 49% stake in French company Picard.

The Irish-Swiss food group – which owns Cuisine de France and provides baked goods to retailers and restaurants  - announced in March it was in talks to acquire the stake for €446.6m.

The terms of the deal also allow it to acquire the remaining 51% of Picard in three to five years.

Picard specialises in premium frozen foods and ready meals, with most of its business currently coming from its native France where it operates a network of stores.

Aryzta is understood to be seeking to expand its products into international markets as part of its investment.

The deal is being funded largely from Aryzta’s sale of its stake in Origin Enterprises for €400m and its Carroll Cuisine unit for €40m.