Brazilian juice maker Cutrale and investment firm Safra Group have agreed to acquire American banana producer Chiquita Brands International, in a $680m deal.
A definitive merger agreement to this effect was signed between Cutrale-Safra and Chiquita.
As per the agreed terms, Cutrale-Safra will acquire all outstanding common shares of Chiquita for $14.50 per share in cash.
The transaction, which is subject to customary closing conditions and regulatory approvals, is expected to be completed by the end of the year or early 2015.
Upon completion of the transaction, Chiquita will operate as a wholly owned subsidiary of the Cutrale-Safra group, and remain incorporated in New Jersey.
Chiquita Brands International CEO Ed Lonergan said: "This transaction demonstrates our Board's commitment to maximizing shareholder value and underscores the significant progress Chiquita has achieved over the past couple of years in our financial and operational performance.
"Chiquita and Fresh Express are some of the most recognizable brands in the sector, and we are confident that Cutrale-Safra will be good stewards of the business moving forward."
Chiquita Brands International markets and distributes bananas and pineapples, packaged salads, and other fresh produce primarily in the United States, Central America, Europe, and the Middle East.
