China Approves Bright Food’s Tnuva Acquisition

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Tnuva milk cartonsCredit: Dan Keinan

China’s Bright Food is expected to complete its purchases of Israel’s Tnuva by March 30, after receiving final approvals from the Chinese authorities, TheMarker has learned.

The Chinese company on Monday informed Tnuva’s controlling shareholders, the British buyout fund Apax Partners and Mivtach Shamir Holdings, it had received all the necessary approvals for the acquisition, which value Tnuva at about 8.6 billion shekels ($2.1 billion).

Apax, which has a 56.7% stake in the dairy company, will have earned about $1 billion from the sale, not counting dividend Tnuva paid it over the year, all free of Israeli tax. Mivtah Shamir, which holds a 21% stake, will earn about 1.2 billion shekels.

Apax declined to comment on the report.

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