M&As this week: Middleby, DS Smith
Kitchen equipment producer Middleby has acquired packaging systems manufacturer CVP Systems.
Both companies involved in the transaction are based in the US.
DS Smith has entered a conditional agreement with Merpas to acquire a majority stake in Interstate Resources.
The US-based target company is a packaging firm, while the acquirer company is a corrugated cardboard maker based in the UK.
The purchase consideration for the acquisition is $920m.
Under the agreement, DS Smith and its US subsidiary DS Smith Holdings will gain an 80% stake in Indevco Management Resources, the holding company of the Interstate Resources group (IRI).
DS Smith will also be able to acquire the remaining 20% interest in the next five years.