Conagra Brands enters into definitive agreement to divest Gelit

Financial terms were not disclosed

Conagra Brands has announced that it has entered into a definitive agreement to divest its Italian-based frozen pasta business, Gelit (headquartered in Doganella di Ninfa, Italy) to an Italian investment company owned by Consilum SGR S.p.A., Progressio SGR S.p.A., and MMM S.r.l. whose reference shareholder is Massimo Menna.

The transaction is subject to customary closing conditions and includes the sale of Conagra Brands’ entire equity interest in Gelit S.r.l. Financial terms were not disclosed.

Conagra Brands is headquartered in Chicago, is one of North America’s leading branded food companies. BNP Paribas acted as the sole financial advisor to Conagra Brands, and Jones Day acted as its legal advisor.