Pursuant to Unilever Colombia’s ongoing transfer of its operations to the new facilities located in Palmira, Valle del Cauca, Unilever and Upfield Colombia have successfully signed the purchase agreement whereby Upfield Colombia purchases Unilever’s factory in Cali, Valle del Cauca.
The sale comprises not only the real estate assets (properties) but also all of the machinery and equipment required for the production of spread foods, and, the transfer of the specific employees that work for said line of business. It is expected that closing takes place during the last quarter of 2022; in the meantime, Unilever will gradually retire its operation from the factory, whilst Upfield begins an increase of its activities under an aggressive production strategy in Colombia. Undoubtedly, the acquisition reinforces Upfield’s commitment and expansion in the Colombian market and allows Unilever to concentrate its operation in the new, state of the art, facilities being developed in Palmira.
The transaction is part of a major cross border transaction between the parent companies of the Colombian subsidiaries, which involves the sale and purchase of assets worldwide.
CONFIDENTIAL: ABOVE USD 13.000.000
ANNOUNCEMENT/SIGNING DATE: Wednesday, November 17, 2021
Cross-border matter: Colombia
Stake in Colombia: 100 %
TYPE OF M&A ☒ ASSET ACQUISITION
COUNSEL TO UNILEVER ANDINA COLOMBIA LTDA. (VENDOR)
Posse Herrera Ruiz Leading Partner(s)
José Alejandro Torres Other Lawyers
Sergio Salazar, Andrés Paz, Erika Serrano and Héctor Otálora.
COUNSEL TO C.I. UPFIELD COLOMBIA S.A.S. (PURCHASER)
Dentons Cardenas & Cardenas Abogados Leading Partner(s)
Mauricio Borrero Other Lawyers
Laura Mateus, Ana López