Hillshire Brands sells Australian Bakery business to McCain Foods

theflyonthewall.com

Hillshire Brands has signed an agreement to sell 100% of the shares of its Australian subsidiary Kitchens of Sara Lee Pty Ltd to a subsidiary of McCain Foods Limited. Hillshire reports the Kitchens of Sara Lee business as the "Australian Bakery" business. Also included in the transaction are license rights to certain intellectual property used in the Australian Bakery business in the Asia-Pacific region. The total amount of consideration payable in connection with the transaction is AUD$82M in cash, or approximately $85M based on recent exchange rates, subject to adjustment. The transaction is expected to close in 1H13, and is subject to customary closing conditions and regulatory clearance.

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