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Carlyle, CVC line up for San Miguel Corp’s Pure Foods Carlyle, CVC line up for San Miguel Corp’s Pure Foods

12 Jul 2010. Source: AltAssets
Private equity firms Carlyle and CVC are among the buyers getting in line for Philippine business conglomerate San Miguel Corp’s Pure Foods division, according to reports.

The food-to-power conglomerate is to sell 49 per cent of the company, which could go for up to $1bn, with a decision on the buyer to be announced this Friday. Rival Philippine food company Universal Robina Corp is also said to be involved in the bidding.

The stake sale is part of a move by the conglomerate to scale back its food and drink operations in favour of power, mining, telecommunications and infrastructure.

Founded in 1956, Pure Foods provides refrigerated meats and grocery products, posting $403.4m in revenue for the first quarter of this year.

CVC is currently in talks with two of the biggest shareholders in Spanish infrastructure company Abertis Infraestructuras regarding a mega deal that could fetch a reported €25bn, while Carlyle exited healthcare cost management company MultiPlan in a sale valuing the company at $3.1bn.

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