M&As this week: Middleby, DS Smith

6 July 2017 (Last Updated July 6th, 2017 18:30)

Kitchen equipment producer Middleby has acquired packaging systems manufacturer CVP Systems.

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.

"DS Smith has entered a conditional agreement with Merpas to acquire a majority stake in Interstate Resources."

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.