Core Viewpoint - Greencore's acquisition of Bakkavor is set to finalize in January after receiving clearance from the UK's Competition and Markets Authority (CMA), contingent upon the sale of the Bristol soups and sauces business [1][3]. Group 1: Transaction Details - The CMA accepted Greencore's commitment to sell the Bristol factory to The Compleat Food Group to address competition concerns, preventing further investigation [2]. - The completion date for the Bakkavor transaction is set for 16 January, with the Bristol business disposal expected to conclude on 17 January [3][4]. - The takeover is valued between £1.2 billion and £1.5 billion ($1.6 billion to $2 billion), creating a combined private-label business with revenues of approximately £4 billion [4]. Group 2: Financial Performance - Greencore reported a 7.7% increase in annual revenue for the year ending September, reaching £1.95 billion, with profit before tax rising by 29.3% to £79.5 million [6]. - Adjusted EBITDA increased by 17.9% to £181.2 million, while adjusted operating profit rose by 28.9% to £125.7 million [6]. - Adjusted earnings per share surged by 46.5% to 18.6 pence [6]. Group 3: Company Structure Post-Acquisition - Following the acquisition, Greencore shareholders will own approximately 59.8% of the new entity, with Bakkavor investors holding the remaining shares [5]. - Both companies operate in the food-to-go and convenience products sector, supplying major UK supermarkets [5].

Core Viewpoint - Greencore has addressed UK competition concerns regarding its acquisition of Bakkavor by proposing to sell a soups and sauces plant, moving closer to completing the deal early next year [1][3]. Group 1: Acquisition Details - Greencore is in discussions with potential buyers for its chilled soups and sauces manufacturing facility located in Bristol, which generates annual revenue of approximately £47 million ($61.5 million) [2]. - The Bristol facility is the only one operated by Greencore in the soups and sauces category, which was flagged by the Competition and Markets Authority (CMA) as a potential competition conflict [3]. Group 2: Regulatory Approval - The CMA has provisionally accepted the remedies proposed by Greencore, indicating that these measures could alleviate competition concerns [4]. - Joel Bamford, the CMA's executive director for mergers, stated that the remedies have the potential to address the competition issues identified during the investigation [4]. Group 3: Financial Impact - The revenue from the Bristol plant accounts for about 1% of Greencore's total sales for the year ending September 26, with expected total revenue of £1.95 billion for fiscal 2025 [5]. - Bakkavor's adjusted operating profit outlook remains unchanged at £120-126 million for fiscal 2025, with previous year sales reported at £2.3 billion [6].