CHICAGO, Feb. 29,
2024 /PRNewswire/ -- Today Conagra Brands, Inc.
(NYSE: CAG) announced that one of its subsidiaries has entered into
a definitive agreement with funds advised by Convergent Finance and
Samara Capital to divest its 51.8% ownership stake in Agro Tech
Foods Limited (ATFL), a food company based in Mumbai, India, and listed on the National
Stock Exchange (NSE) and Bombay Stock Exchange (BSE).
The transaction is subject to customary closing conditions,
including the receipt of any applicable regulatory approvals. The
transaction is expected to be completed by the end of calendar year
2024. Upon the close of this agreement, Conagra Brands will no
longer consolidate the results of ATFL in its financial
statements.
Conagra Brands was advised by Bank of America and Cyril Amarchand Mangaldas on this
transaction.
About Conagra Brands
Conagra Brands, Inc. (NYSE: CAG), headquartered in Chicago,
is one of North America's leading branded food companies.
Guided by an entrepreneurial spirit, Conagra Brands combines a rich
heritage of making great food with a sharpened focus on innovation.
The company's portfolio is evolving to satisfy people's changing
food preferences. Conagra's iconic brands, such as Birds
Eye®, Duncan Hines®, Healthy Choice®, Marie Callender's®,
Reddi-wip®, and Slim Jim®, as well as emerging brands, including
Angie's® BOOMCHICKAPOP®, Duke's®, Earth Balance®, Gardein®,
and Frontera®, offer choices for every occasion. For more
information, visit www.conagrabrands.com.
Note on Forward-looking Statements
This release contains forward-looking statements within the
meaning of the federal securities laws. These forward-looking
statements are based on management's current expectations and are
subject to uncertainty and changes in circumstances. These
forward-looking statements include statements regarding regulatory
approvals and the expected timing of completion of the proposed
transaction. There is no assurance that the proposed transaction
described above will be consummated, and there are a number of
risks, uncertainties and assumptions that could cause actual
results to differ materially from the forward-looking statements
made herein, including risks relating to the timing and ability to
obtain the required regulatory approvals and satisfy the other
closing conditions for the proposed transaction, the occurrence of
any event, change or other circumstance that could delay the
closing of the proposed transaction, and other risks and
uncertainties described in Conagra Brands' filings with the United
States Securities and Exchange Commission. These forward-looking
statements represent Conagra Brands' judgment as of the date of
this release. Conagra Brands undertakes no responsibility to update
these statements, except as required by law.
For more information, please contact:
MEDIA:
Dan Hare
312-549-5355
Daniel.hare@conagra.com
INVESTORS:
Melissa
Napier
312-549-5738
IR@conagra.com
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SOURCE Conagra Brands, Inc.