Canadian dairy giant Saputo has announced the completion of a deal to acquire British firm Dairy Crest at a price of £ 6.20 per share in a deal valuing the business at £ 975 million (€ 1.12 billion).

Saputo said in a statement that this acquisition allows it to “expand its international presence and enter the UK market by acquiring and investing in an established and successful industry player with a solid asset base and experienced management team.”

Dairy Crest, which produces and sells cheese under brands such as Cathedral City, Clover, Country Life, and Frylight, received revenue of £ 456.8 million (€ 526.8 million) last year. Saputo said Dairy Crest boasts an “attractive platform” that matches its own growth strategy.

The acquisition was funded from funds raised under a new bank express line of credit and was made in accordance with a court-approved agreement scheme in accordance with the UK Companies Act 2006.

Saputo Inc. is a Canadian dairy company headquartered in Montreal, founded in 1954 by the Saputo family.

Saputo currently manufactures, markets, and distributes a wide range of dairy products, including cheese, liquid milk, long-life milk cream and cream, dairy products, and dairy ingredients. Prior to the acquisition of Dairy Crest at Saputo Inc. Over 12,800 employees worked.