Japan based Sumitomo Corporation is slated to acquire Ireland based Fyffes for €751Mn ($798Mn). Sumitomo offered €2.23 ($2.38) a share for Fyffes business.
Fyffes annually distributes about 46 million cases of bananas in Europe. It also has hands in pineapples, melons and mushrooms business.
Sumitomo was advised by JPMorgan Chase & Co. for the deal and Lazard and Davy Corporate Finance helped Fyffes.
Fyffes is an Irish fruit and fresh produce company headquartered in Dublin, Ireland. Founded in 1888, it’s primary business is banana trade, although the brand is applied to a wide range of fruits, including the Fyffes gold pineapples and Fyffes melons.
Fyffes is primarily involved in production, procurement, shipping, ripening, distribution and marketing of bananas, pineapples and melons. Fyffes currently markets fruit in Europe and the United States, primarily under the Fyffes and Turbana brands.
About Sumitomo Corporation
Sumitomo Corporation is general trading company and is a diversified corporation. The company was incorporated in 1919, and is a member company of the Sumitomo Group.
The Sumitomo Group, of which Sumitomo Corporation is a key member, dates to the 17th century establishment of a book and medicine shop in Kyoto by Masatomo Sumitomo. Sumitomo’s brother-in-law Riemon Soga developed a technology to extract silver from copper, and Soga’s son (who married Sumitomo’s daughter) Tomomochi Sumitomo expanded this smelting business to Osaka. From this start, the Sumitomo family expanded its business into copper mining (the Besshi copper mine), followed by textiles, sugar and medicine trading.