Hillshire Brands to sell Australian bakery business
The Hillshire Brands Co., Chicago, has signed an agreement to sell 100% of the shares of its Australian subsidiary Kitchens of Sara Lee Pty. Ltd., Lisarow, Australia, to a subsidiary of McCain Foods Pty. Ltd., Ballarat, Australia, an international leader in the frozen food industry. The transaction includes licensing rights to certain intellectual property used in the Australian bakery business in the Asia-Pacific region.
The transaction is valued at approximately $85 million in cash (based on recent exchange rates), subject to adjustment, and expected to close in the first half of 2013, pending customary closing conditions and regulatory clearance.