Japan's Itoham Yonekyu to acquire New Zealand meat processor Greenlea for $800m

Key facts

• Itoham Yonekyu Holdings will acquire Greenlea Group through its subsidiary ANZCO Foods Limited.
• The acquisition price for Greenlea Group is $800 million.
• Greenlea Group includes Greenlea Premier Meats and interests in Waitoa Estate.
• The deal is expected to be completed in August.
• Itoham aims to leverage business synergies and expand its global meat business.

Japan's Itoham Yonekyu Holdings has approved the acquisition of New Zealand-based meat processor Greenlea Group for $800 million. The deal will be executed through Itoham's subsidiary, ANZCO Foods Limited, which operates in the same sector.

The acquisition is expected to create significant business synergies and strengthen Itoham Yonekyu's global meat business footprint, aligning with its Long-Term Management Strategy 2035. Greenlea Group, which includes Greenlea Premier Meats and associated businesses, is being sold by the Egan family.

The transaction is anticipated to close in August. Analysts have a 'Hold' rating on Itoham Yonekyu stock with a price target of Yen5200.00.