Bega Cheese Limited
(ASX:BGA) has completed the sale of one of its spray dryers and its infant formula finishing plant in Victoria.
The dairy company received $180 million for the sale to child nutrition company, Mead Johnson Nutrition. Bega will also receive $20 million on or before 31 December 2017.
Bega Cheese says it will use the funds to significantly reduce the bank funding required to buy Vegemite and part of US food giant, Mondelez.
The purchase of Vegemite and Mondelez’s Australian and New Zealand grocery business is set to occur around 30 June 2017.
Shares in Bega Cheese Limited
(ASX:BGA) last traded 0.41% lower at $6.01.
