The board of Spanish olive oil bottler Deoleo has agreed to takeover offer made by UK private investor CVC Capital Partners.
CVC would initially buy 29.99% stake from Spanish banks, valuing the company at €438.8m.
As part of the proposed deal, Deoleo is expected to issue new shares to CVC, a move which would strengthen the former's finances.
The UK-based firm has agreed to make a takeover offer for the remaining shares of Deoleo at €0.38, when the first part of transaction is complete.
The decision to sell the company to CVC was not supported by all Deoleo's shareholders, reported The Wall Street Journal.
An olive oil farmer cooperative that holds 10% holding in Deoleo was quoted by the international daily as saying that it was disappointed by the Spanish banks' decision to sell to a foreign investor "when there were clear alternatives in the process giving the company a viable future with Spanish ownership."
Deoleo, which holds 22% sales of bottled olive oil worldwide, generated revenues of €813m with €20m profit in 2013. A series of unsuccessful acquisitions left the company with €472m debt.