* Deal for 1.20 bln euros
* Crown to buy Mivisa from funds managed by Blackstone, N+1Mercapital
* Crown expects deal to add to earnings
Oct 31 (Reuters) - Food packaging company Crown Holdings Inc said it would buy Spanish food-can maker Mivisa Envasesfor 1.20 billion euros ($1.65 billion) to expand its offeringsfor Spain's agriculture industry.
Crown said in a statement that it would buy Mivisa frominvestment funds managed by affiliates of The Blackstone GroupLP, N+1 Mercapital and management.
Mivisa was acquired by private equity firms Blackstone and funds advised by N+1 Private Equity - Dinamia and N+1Private Equity Fund II - in 2011 for an undisclosed amount.
Mivisa, which reported sales of 555 million euros for theyear ended June 30, mainly serves the vegetable, fruit, fish andmeat industries. Mivisa has 10 manufacturing facilities,including six in Spain and one in Morocco, Crown said.
"(The deal) will significantly build upon Crown's existingposition in the strategically important European food cansegment by substantially increasing our presence in Spain, oneof Europe's leading agricultural economies," Crown ChiefExecutive John Conway said in a statement.
Philadelphia-based Crown said it secured committed debtfinancing from Citigroup Global Markets. Citigroup was also thecompany's exclusive financial adviser for the deal, which Crownsaid is expected to close in 2014 and add to earnings.
Crown shares closed at $40.62 on the New York Stock Exchangeon Wednesday.
- Private Equity & Hedge Funds
- Crown Holdings Inc