Deoleo has agreed to sell its operating business to two Spanish rivals, the cooperative Dcoop and Acesur, in a binding share purchase agreement signed on November 5 and disclosed to Spain’s securities regulator, the CNMV. The buyers will each own 50 percent of Deoleo Holding.
The agreement covers about 91.99 percent of Deoleo Holding, including the listed company’s entire 50.99 percent stake, and could reach 100 percent if remaining shareholders join. It values Deoleo Holding at 520 million euros for 100 percent of its capital. Majority shareholder CVC Capital Partners, which holds 56.96 percent of the listed company through its vehicle, has given an irrevocable undertaking to vote in favour, and the sale also needs approval from Deoleo’s general shareholders’ meeting.
Deoleo owns the Carbonell, Bertolli and Hojiblanca brands and bottles about 160 million litres of olive oil a year, with revenue of 821 million euros, EBITDA of 50 million euros and net profit of 20 million euros in 2025 after two years of losses. Dcoop says it is the world’s largest olive oil producer cooperative, and Acesur owns the La Espanola and Coosur brands, so the combination joins production scale to Deoleo’s global brands and distribution.
Closing is conditional on antitrust clearance in Spain and the United States, foreign direct investment authorisation in Italy, and Japanese group Mizkan not giving notice within two months to terminate Bertolli trademark licences because of the change of control. Deoleo expects the regulatory process to take six to eight months.
The buyers beat a rival bid from Migasa together with Italy’s Coricelli. Deoleo’s listed shares fell sharply on the announcement, a reminder that the 520 million euro figure is the value of the operating holding, not the equity value public shareholders will receive after debt and closing adjustments.