Oil storage tanks at Deoleo's plant in Alcolea, Córdoba. Archive photograph. Photo: Manuel Murillo.
The agreement covers about 91.99% of Deoleo Holding and values the whole operating group at 520M€. Completion remains subject to regulatory and other conditions.
Dcoop and Acesur have signed a binding agreement to buy approximately 91.99% of Deoleo Holding, the business behind Carbonell and Bertolli, Deoleo told Spain's securities regulator on 5 November. The sale includes listed company Deoleo S.A.'s entire 50.99% stake and could reach 100% if other owners join.
The 520M€ figure is the enterprise value of the whole holding company. Deoleo S.A. estimates its stake's equity value at 190M€ to 200M€ before escrow deductions, subject to debt and closing adjustments.
The buyers bring their own olive oil businesses. Dcoop, based in Antequera, Málaga, groups agricultural cooperatives. Acesur's management is based in Dos Hermanas, Seville; its brands include La Española and Coosur.
Dcoop also has an earlier connection to Deoleo. In 2013, the cooperative then known as Hojiblanca transferred its namesake brand and Antequera bottling operation to the group, in a transaction documented by the competition authority and Deoleo's annual accounts.
The agreement requires Deoleo S.A. shareholder approval, competition clearance in Spain and the US, foreign-investment approval in Italy and fulfilment of a Bertolli licensing condition. Deoleo estimates six to eight months for the regulatory process, with completion after the conditions are met.