Fortenova Group and Nomad Foods Limited closed a €615 million sales deal on Monday for Fortenova's frozen food business which consists of Ledo Plus, Ledo Citluk and Frikom companies as well as several smaller associated enterprises, Fortenova Group said on its website.

The value of the transaction is €615 million, on a debt-free, cash-free basis, with completion planned for Q3 2021, Fortenova Group said in a press release.

Upon completion, Nomad Foods will become the owner of the frozen food business, which comprises a leading European frozen food portfolio of iconic local brands with strong consumer awareness in Croatia, Serbia, Bosnia and Herzegovina and several other Southeast European countries.

“This is a transformational transaction for Fortenova Group with all the funds to be used to deleverage the Group and deliver a Fortenova Group that is, after many years, financially strong and able to fully invest in all its businesses,” said James Pearson, Fortenova Group’s Chief Financial Officer.

Completion of the transaction is subject to regulatory approvals in the applicable markets as well as Fortenova Group shareholders’ approval.

“With completion of this transaction we will fulfil a key prerequisite for the capital structure optimization that will enable strong investment in our businesses and drive their future growth,” said Fabris Perusko, Fortenova Group’s Chief Executive Officer and member of the Board of Directors.

Fortenova Group was advised on this transaction by Akin Gump Strauss Hauer & Feld LLP, Bogdanovic, Dolicki & Partners Law Firm, Citigroup Global Markets Europe AG, Isailovic & Partners Law Firm, KPMG Croatia, Maric & Co Law Firm and VTB Bank (Europe) SE, the press release said.

Nomad Foods is a European frozen foods company, with its headquarters in the United Kingdom. Its shares are listed on the New York Stock Exchange.

Nomad Foods is Europe’s leading frozen food company and one of the largest in the world. Its portfolio comprises leading niche brands, anchored by Birds Eye, Findus and Iglo.

Nomad’s web site describes it as one of the leading frozen food companies in Europe with a revenue of about $2.3 billion.

In addition to Great Britain, its largest markets are in Italy, Germany, Sweden and France, accounting for a 14% share of the Western European market for frozen foods, which is twice as much as its closest competitor.